Football FanCast columnist Rob Facey wonders what Newcastle can do to stop the rot from setting in after news that Michael Owen is in no hurry to sign a new contract, despite just one more year remaining on his current deal.

When Michael Owen joined Newcastle from Madrid he had been holding out for an emotional return to Anfield. He wanted to rejoin the club who let him fulfill his dreams of playing in Europe but Liverpool and Real were unable to agree a fee. Then, Newcastle stepped in.

Alan Shearer was on the phone to his former England strike partner selling the city to Owen as if he was working on commission for the local tourist board and eventually the transfer went through.

Injuries, unsurprisingly, have blighted his time spent in Newcastle but this did not dampen his enthusiasm for the games when he played, nor the fans appreciation of what he brings to the side.

Kevin Keegan went as far as saying that getting Owen to sign an extension will be the best bit of business that he could conduct over the summer this year.

However, it now seems that getting Owen to sign on the dotted line is harder than first thought.

"We have been opening contract negotiations, there have been a couple of meetings so far but it will take time," Owen told the Daily Mirror.

And Keegan will have his work keeping Owen at the club that is for sure.

He never seemed totally convinced by the whole ‘Newcastle’ thing when he joined from Madrid, which is plain for everybody to see.

Newcastle fans must be asking themselves what is the matter with the club.

They have signed very few players this summer, with Keegan acknowledging that they should have bought more. Talks of takeovers and selling the club are rife, not to mention the Joey Barton affair.

Now the news that Owen, who only has a single year remaining, is in no rush to sign a new contract well, Keegan might as well try and cash in now.

The manager has claimed that re-signing Owen was his number one priority, so why hasn’t this been achieved yet?

Why are the Newcastle hierarchy dragging their feet? This is a player who can still waltz into the England team (injuries permitting, of course) so why aren’t the club moving heaven and Earth to get him to sign on for a few more seasons?

This is simply a warning for the future. After a horrendous season last year and a pre-season that has involved very little, the prospect of losing their main striker now looks a very real possibility.

Where have things gone wrong at Newcastle and what can be done to save the club from a Leeds-esque fall from grace?

With regards to Owen, should the club continue contract negotiations or should the club use his likely departure as a chance to make a clean break and start a new chapter in their history?

What does next season hold for Newcastle? Another season of mediocrity or struggle, or are the critics warnings acting as an incentive for the players?