Newcastle and Real Madrid have agreed on a fee for striker Michael Owen, Real Madrid director of communications Antonio Garcia Ferreras has confirmed.
Although the actual amount of the transfer bid remains unknown, a statement on the club's website confirmed that Newcastle have broken their current transfer fee record of £15million paid for Alan Shearer in 1996.
At this time however there is still no agreement between club and player and in earlier statements by Owen he revealed that a season long loan was Newcastle's only chance of capturing the ex-Liverpool striker's services.
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