Real Madrid director of football Arrigo Sacchi said on Tuesday that he is sorry to see England striker Michael Owen leave the club after just 12 months to join Newcastle United.
"We are upset because we have lost a great professional, a top-class player and someone who was always very positive," the Italian told Real Madrid's website.
"Real Madrid were happy with him and we would like to thank him for everything he has done here and wish him the very best in the future.
"He asked us if he could leave because it is a World Cup year and he wasn't going to play here regularly. We didn't want to loan him out and it was only when a big offer was made did that we accepted the idea of selling him.
"We've certainly lost something with his departure, but you can't keep a player who wants to leave and especially one who has got such clear reasons. He is one of the best strikers in the world and here we have Robinho, Guti, Raul and Ronaldo and he wasn't going to play much."
Real Madrid defender Ivan Helguera said he is also disappointed to see Owen leave.
"He was a great team mate, a very good person and an excellent player," the centre-back told a news conference at Real Madrid's training ground in Las Rozas.
"It's a shame that he's gone because we thought a lot of him. He did a lot for Real Madrid despite the fact that he was given few minutes on the pitch and last season he made a big difference to the team."
Although Owen did not win the immediate confidence of any of the three coaches in charge of Real last season, he scored vital winning goals against Valencia in the Spanish Primera Liga, Dynamo Kiev in the Champions League and Leganes in the Spanish Cup before the end of the year.
It was not until the latter stages of the season, though, that he was rewarded with a regular place in the starting line-up.
The former European Footballer of the Year ended the season with 16 goals in all competitions and was the club's second highest scorer behind Ronaldo.
Real's signing Brazilian forwards Robinho and Julio Baptista in the close season, however, pushed him down the pecking order.
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