... his star player had better return home fit and well. Guess what ....
But FA spokesman Adrian Bevington has confirmed the insurance policy in place for all England players will compensate the Magpies for the loss of their £103,000-a-week striker while he recovers from the ruptured anterior cruciate ligament which ended his World Cup.
However, Shepherd is not happy with the payment they will receive.
Shepherd: "When you lend somebody something and they return them injured and broken then you shouldn't have to pay for the repair. That what's happened at Newcastle and the level of compensation isn't high enough in my opinion.
"Players move on, players wages move on and transfer fees move on so the level (of compensation) is far too low."
Ex-Newcastle target Martin O'Neill believes national associations "get away with murder'' when players are injured on international duty.
The former Celtic boss, who since quitting Parkhead last summer has been linked with the England and Newcastle jobs, fully sympathises with the Magpies chairman.
O'Neill: "The clubs are almost at the stage where there is sole responsibility for the players. Newcastle are in the position where they could be without Owen for the whole season, there's always the possibility of that happening.
"If the respective FAs had to pay the insurance, there would be a lot less friendly games. I'm all up for international football, but I understand Freddy Shepherd's reaction totally.''