From Oli Kay in The Times:
Manchester United have manoeuvred into pole position in the race to sign Michael Owen, should the England forward be told that he has no future with Real Madrid. Sir Alex Ferguson has instructed his board to explore the possibility of buying the former Liverpool player and, while the path to such a deal is strewn with various obstacles, United have ensured that they will be at the front of a queue of clubs jostling for his signature if he becomes available.
Quite where Owen would fit in if he joined United remains to be seen — with Ruud van Nistelrooy, Alan Smith and Louis Saha likely to be asking themselves where such a deal would leave them — but the Old Trafford club are the most likely beneficiaries should Owen wish to come home or Real offer a firm indication that they are willing to do business.
The first and most obvious stumbling block is Real’s £13 million-plus valuation of the player, whom they signed in an £8 million deal from Liverpool last August. United are working under tight financial constraints under the new ownership of Malcolm Glazer and, under the terms of his business plan, have only £6.25 million to spend before the end of their financial year on July 31.
That money has been set aside for the signings of Edwin van der Sar, from Fulham, and Park Ji Sung, the South Korea midfield player, whose arrival from PSV Eindhoven is expected to be confirmed this week, pending talks with the Dutch club — but more funds could be made available.’