The Magpies slipped into the Championship on the final day of the 2008-09 season following a defeat to Aston Villa when Alan Shearer managed the club.
Owen told The Chronicle: "I was hurt and it is ridiculous to suggest anything else. I had a lot of pride. I wanted to do it for the fans and the friends I had made up there.
"We all wanted to. At any point if Newcastle won games it was my face on the back pages. I was probably getting credit when others deserved it.
"Likewise if you get relegated and Michael Owen is in your team, then a lot of the blame goes on you when it probably is not justified."
Owen called time on his career at the end of last season after struggling to force his way into the first team at Stoke City.