WHILE for Liverpool supporters it will be a wistful reminder of what once was, there is a nagging concern among Newcastle United fans that Michael Owen’s return to Anfield on Boxing Day may also represent a depressing future. “Michael will want to go back there and show them what they’re missing,” Graeme Souness, the Newcastle manager, said, but the prospect of goals and a glittering performance would also prompt anxiety within St James’ Park.

As he explained in The Times yesterday, Owen’s preference on leaving Real Madrid last summer was to rejoin Liverpool. That he did not was largely because of what Alan Shearer described as Newcastle’s determination “to blow everybody else out of the water”.

Since his £16.5 million transfer, Owen, 26, has settled happily with his family in Northumberland. He has mustered seven goals in eight Barclays Premiership appearances and on each occasion the ball billows the net, his fee looks less extortionate. His effect on his side is even more remarkable, with Newcastle losing just once when he has played. “He would improve any team he was in,” Shearer said.

Yet disappointment on Merseyside that Liverpool did not react to their triumph in the Champions League with the ambition that buying Owen would have represented has been tempered by a lingering feeling that his exile was temporary. On the day that he welcomed his club’s record signing to Tyneside, Freddy Shepherd, the chairman, denied rumours of a get-out clause in Owen’s four-year contract. But the whispers remain.

A figure of £12 million has been mentioned as a trigger allowing Owen to discuss terms with other clubs and Newcastle are desperate to illustrate their intent to the England forward by clambering up the table. “I’m not selling the club to him any more because I don’t think I have to,” Shearer said. “The tough part was getting him here.” For now, perhaps. But what if Arsenal lose Thierry Henry?

This week’s hint from Souness that Shearer may again be tempted to delay his retirement is unlikely to be fulfilled — the Newcastle captain has told colleagues that his position has not changed — but more important to Owen than another season playing alongside his great friend is European football. Having worked so avidly to sign him, Newcastle know that they must provide it.

Amid the emotion of Anfield there will be some steely thoughts. “One of Michael’s options was to go to Liverpool but he’s ended up here,” Shearer said. “It’s worked out that way and we’re all delighted that it has.

“I don’t think signing Michael was ever going to be a gamble — you can never guarantee anything in football — but, with him, you’re just about guaranteed goals.” Newcastle, Liverpool and others know it.

GOOD KOP, BAD KOP

Liverpool stars who moved on have had mixed fortunes when they faced their former club

DEAN SAUNDERS

Sold to Aston Villa by Graeme Souness in 1992, Saunders exacted revenge quickly, scoring two in a 4-2 victory over his old side at Villa Park that year and grabbing the winner in a 2-1 success at Anfield to complete the double over Liverpool

NICOLAS ANELKA

After appearing for Liverpool on loan but not clinching a permanent deal, the young Frenchman ended up at Manchester City and promptly returned to Anfield in May 2003 to score twice in a 2-1 victory for the visiting team

KEVIN KEEGAN

Moved to SV Hamburg in May 1977 and was back in December — on the receiving end of a 6-0 defeat in the European Super Cup. As manager of Newcastle United, suffered crushing last-minute 4-3 defeats in 1996 and 1997

TONY EVANS