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There are sums to work out and numbers to crunch, figures to mull over and decisions to make. When Kevin Keegan, Mike Ashley and Dennis Wise meet on Wednesday to discuss the state of the Geordie nation, they will be presented with a new equation; what they can afford and what they cannot afford to ignore.

Ostensibly a gathering to chew over developments with Michael Owen’s contract and any movement in the transfer market, there will be another set of statistics for Newcastle United’s hierarchy to consider.

What has always been the club’s greatest asset should also now be a source of concern. St James’ Park played host to 47,711 people, comfortably the biggest crowd in England, but also the lowest attendance at the stadium in the Premier League since May 2000. There are some mitigating factors. Holidays are being taken, finances are tight, Newcastle’s ticket office has been plagued with difficulties and Bolton Wanderers took a limited number of fans to Tyneside.

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On the pitch, the manager has made progress. Jonás Gutiérrez — “He’s unbelievable; I’ve never known a player settle so quickly,” Keegan said — Fabricio Coloccini and Danny Guthrie look astute acquisitions, but the Newcastle squad is desperately thin. The first team’s enthusiasm and workrate need greater protection.

The fortes and frailties were in evidence against Bolton, who might have won had Shay Given not repelled a penalty from Kevin Nolan. Newcastle were lifted by the goalkeeper’s escapology and the arrival of Owen and Gérémi. The substitutes combined to produce a fine headed goal.

Four points from two matches is encouraging, but Owen’s intervention was a reminder of his worth at a time when his contract talks require impetus. Wednesday should be grasped as a defining moment; Ashley, the owner, may not intend to sell the club, but he needs to sell his vision.

Newcastle United (4-4-1-1): S Given 8 — H Beye 6, S Taylor 4, F Coloccini 6, C N’Zogbia 5 — J Milner 5, N Butt 6, D Guthrie 7, J Gutiérrez 8 — D Duff 4 (sub: Gérémi, 46min 7) — O Martins 6 (sub: M Owen, 53 6). Substitutes not used: J Enrique, S Bassong, S Harper, A Smith, D Edgar. Booked: S Taylor. Next: Arsenal (a).

Bolton Wanderers (4-5-1): J Jaaskelainen 6 — G Steinsson 6, G Cahill 6, A O’Brien 6, J Samuel 6 — K Davies 7, F Muamba 8, K Nolan 6, J O’Brien 6 (sub: M Riga, 85), M Taylor 5 (sub: R Gardner, 65 4) — J Elmander 3 (sub: G McCann, 15 6). Substitutes not used: N Hunt, B Dzemaili, D Shittu, A Al-Habsi. Booked: J O’Brien. Next: West Brom (h).