"We tried until the very end to sign Michael. We even made phone calls early yesterday morning. In the end, it was impossible," Rafa told the club website.
"When we spoke to Madrid, they only ever talked about £16 million. We couldn't spend that much money on a player we sold for £8 million. We have to think about the club over any player in this situation."
Rafa added, "Real Madrid put a lot of pressure on Michael to go to Newcastle because they wanted the money to sign Sergio Ramos. I hoped Michael would say no and then, maybe, we could have done something."
But with Owen desperate to sign before the transfer deadline, and with little sign that an agreement would be found between The Reds and Real, it seems Owen's opitions were somewhat limited.