Michael Owen unveiled at Newcastle!

The England striker, who passed his medical on Tuesday, has agreed a four-year deal and is believed to have cost the Magpies a club record £17m. Newcastle chairman Freddy Shepherd said: "Bringing Michael here will rank alongside the signing of Alan Shearer as my proudest moment at Newcastle."

Alan Shearer and Michael Owen started together for England 13 times England won four, drew four and lost five of those games. The pair combined for nine goals in those games (Shearer five, Owen four). Liverpool had wanted to re-sign Owen but baulked at Real's asking price. Once Owen completes his move to Newcastle, his arrival at St James' Park will eclipse the money the club spent in signing Alan Shearer for £15m from Blackburn in July 1996.

The details of his contract with the Magpies are not known but reports suggest there may be various get-out clauses depending on the team's performance. "It will be a great achievement if we sign Michael," Newcastle manager Graeme Souness told the club's official website. "In football, the hardest thing to get is someone who puts the ball in the back of the net and Michael is the best at doing that for England. "I'd say it's the biggest transfer I've been involved in as a manager of any football club."

England coach Sven-Goran Eriksson believes it is a major boost knowing Owen will play regular football before next year's World Cup. "It is a great club. He will play regular football, much more than last season. I suppose he is very happy," said the Swede. "He will score goals for them and it is great to play with Alan Shearer. He is a good targetman and will give Michael Owen many chances, I am sure of that."

Owen was left out of Madrid's squad for the first game of their season after falling behind Ronaldo, Raul, Julio Baptista and Robinho in the pecking order at the Bernabeu.

Owen will bring a proven goalscoring pedigree to a team who have yet to score a Premiership goal so far this season. He was named European Footballer of the Year in December 2001 and, after 158 goals in 297 games for Liverpool, left for Real Madrid where he scored 16 goals as a bit part player.