Owen was sat tight-lipped saying nothing ... making the excuse he had international games to go to and 'four weddings and a funeral' to attend ... so he was unable to pledge a commitment to Newcastle.
Arsenal and Manchester United were linked with a move, but Owen's lack of games put a doubt in the minds of those with the 'cash to splash'.
Liverpool made it plain they were 'not interested', and the transfer window passed.
Now Sam Allardyce thinks the Premier League's so-called 'Big Four' are counting the cost of not gambling on Michael Owen this summer - and the Newcastle United manager is delighted they didn't.
How Many Clubs Would Pay £9m For Owen Now!
Allardyce: "They didn't want to risk it on the past (injury) record clearly. Based on what has happened over the last few games, £9m is a bargain. It was a bit of a risk a few weeks back.
"Hindsight is a wonderful thing. If I had it I would be in Marbella with a massive villa and a golf course retired as a multi-millionaire.
"A player of that calibre will decide what he wants if he stays fit.
"Unless he likes where he is and is enjoying himself he won't enter negotiations. After all the hard work already done under the new chairman and owners, we don't want to lose our best players.
"If Michael stays fit, of course I would want him to stay for the rest of his career. In full flow he is a fearsome prospect for any defence in world football.
"I have to try to help him steer clear of niggly injuries. If we can he is going to be enjoying his football even more.
"Having just got back from injury in such a short period of time, not really being 100% fit, he has really done well. The boost in confidence over the last four games has escalated his fitness rapidly.
"Michael has always liked playing with a big man. Everyone knows that big man, little man combination is better.
"As a team of players getting to know each other, I try and guide them to where their strengths and weaknesses are. The partnerships between him and Mark, Shola (Ameobi) and Oba (Martins) are the important things we work on, getting an understanding. It is a long haul.
"What formation we play depends on who we have available. We play whatever system suits on the day. I believe the element of surprise and change needs to be in everybody's locker, despite what my ex-chairman at Bolton said."