MICHAEL OWEN will be officially unveiled as a Newcastle United player later today after completing a club record £16m move from Spanish club Real Madrid.

The England international, who is fourth on the country's all-time list of top scorers, spurned an offer to rejoin his former club, Liverpool, and instead opted to make a move to the Magpies.

After informing Newcastle chairman Freddy Shepherd of his decision early yesterday morning, Owen spent the rest of the day undergoing a medical and agreeing a four-year deal.

The news of his multi-million pound move broke at 10am and instantly sparked chaotic scenes, with hundreds of fans flocking to St James' Park to buy replica shirts emblazoned with Owen's name and his famous number ten.

The striker will be paraded in front of his new fans this afternoon, but will not make his Newcastle debut until the club resume their Premiership programme against Fulham, on September 10.

Mark Jensen, editor of Newcastle fanzine The Mag, underlined his fellow supporters' delight at the capture of Owen.

"My first feeling is one of relief," he said.

"Newcastle are in a terrible position and it's a relief that not only have we signed a goal-scorer, we have signed the England centre-forward.

"He is the new Alan Shearer for us. He's the one who can take over from Alan and score 20 goals in the Premiership.

"Everybody knows what he can do - none more so than us after he scored goal after goal against Newcastle."

Owen's arrival marks a spectacular coup for Shepherd and Newcastle manager Graeme Souness. The pair had found themselves under increasing pressure following a catastrophic start to the season, in which the Magpies have failed to find the back of the net in any of their opening four league games.

"I'd say it was the biggest transfer I've been involved in as a manager of any football club," said Souness, who could yet win further favour with the fans by signing former Magpie Nolberto Solano from Aston Villa.

"It is absolutely fantastic news for the club because he's one of the best strikers in the world. His goal-scoring record backs that up.

"He's someone who can become a legend with Newcastle United fans. I can understand people who liken it to the signing of Alan Shearer, as Michael is the current England number nine."

Eight years ago, Shearer's arrival confirmed Newcastle's lofty position within the English elite and, while the likes of Chelsea, Arsenal and Manchester United appear to have stolen a march on the Magpies in the meantime, the capture of Owen has underlined their continued pulling power.

Since replacing Sir Bobby Robson last September, Souness has spent more than £47m on players, despite Newcastle's continued failure to qualify for the money-spinning Champions League.

That massive outlay has led to fears of the club's debts, which stand at about £48m, spiralling out of control.

But leading football finance expert Matthew Glendinning has quashed fears of a financial meltdown similar to the one suffered by one of Newcastle's former rivals, Leeds United, who plummeted from European semi-finalists to relegated also-rans in the course of two seasons.

"This might be their last big bang in the transfer market but they have some big sponsorship deals which will help their liquidity," said Mr Glendinning.

"They have got those guaranteed revenue streams from long-term deals with the likes of Adidas and Northern Rock, so their buying now could be secured against those.

"I think they have the background strength to justify this and I don't see another Leeds United situation - but it is certainly going to leave Newcastle with little money to play with in future seasons."

Newcastle's on-field fortunes certainly need to improve - the club are one place above the foot of the Premiership table - and one of the North-East's leading bookmakers last night reacted to Owen's arrival by slashing prices.

The Magpies are now 2-1 to finish in the top six with Reuben Page - they were 5-2 at start of business yesterday morning - and are now as short as 1-3 to end the season in the top half of the table.

They remain 750-1 outsiders to claim the Premiership title.

England boss Sven-Goran Eriksson cannot call on Owen's services when England face Wales in a crucial World Cup qualifier on Saturday because the striker is serving a one-game ban.

But he is expected to name the 25-year-old in his starting line-up for next Wednesday's game in Northern Ireland.

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