The 28-year-old, whose contractual situation will be at least one of the topics for discussion between Ashley, manager Kevin Keegan and executive director of football Dennis Wise on Wednesday, came off the bench to claim the headlines with a precious winner.

Owen missed most of pre-season as he recovered from a bout of mumps and a calf injury, but he made the difference today.

On as a substitute for the injured Obafemi Martins, he glanced a deft header past Jussi Jaaskelainen from Geremi's cross in the 71st minute to snatch victory.

However, if Owen's contribution was decisive, goalkeeper Shay Given was also hugely influential.

He had earlier kept out Kevin Nolan's penalty with Bolton threatening to spoil the party in front of a crowd of just 47,711.

Nolan's misery was compounded when he sent a late header wide of the post to leave Keegan and his players breathing a huge sigh of relief.

The three points were celebrated warmly, but left the manager with plenty to say when he discusses his remaining transfer targets with Ashley.

Charles N'Zogbia once again had to play out of position at left-back, while injuries limited the manager's striking options to just Martins and Owen, who is still returning to match sharpness.

The air of pessimism which had surrounded Newcastle in the run-up to last Sunday's difficult opener at Manchester United had all but dissipated in the wake of events at Old Trafford as Keegan's men suggested there was cause for optimism.

However, it should have come as no surprise to dedicated Newcastle followers that a game which might have been perceived as a home banker proved more than tricky.

Bolton, of course, have a track record on Tyneside, having spoiled Keegan's arrival by scrapping their way to a goalless draw on his return to the club in January.

As the teams left the pitch at the break, the scoreline was exactly the same, as was the sense of frustration among the home fans.

The Trotters were committed and well-organised and worked desperately hard to deny their hosts space and time on the ball, which proved a hugely effective ploy.

On the few occasions they were threatened, central defenders Gary Cahill and and former Magpie Andy O'Brien were equal to the task.

Cahill blocked a goal-bound sixth-minute flick from Martins and O'Brien did the same to deny Damien Duff 12 minutes before the break.

In the meantime, both James Milner and Charles N'Zogbia saw efforts cut out as the sped through a packed penalty area to leave goalkeeper Jussi Jaaskelainen under-employed.

Bolton, who lost £8million summer signing Johan Elmander through injury with just 15 minutes gone, played thereafter with Kevin Davies as a lone striker, and caused Newcastle concern on more than one occasion.

Full-back Jlloyd Samuel might have done better with a curling shot in the 38th minute, and Steven Taylor was at full stretch to divert Fabrice Muamba's effort away from goal two minutes later.

There was muted applause from the home fans as their side left the pitch, but Keegan had fresh problems at the break when Duff, who had been hurt in a collision with Andy O'Brien shortly before the break, failed to re-appear.

Geremi was drafted in on the right wing as Milner pushed up alongside Martins.

Just as the home crowd started to anticipate Owen's introduction, the England international was called from the bench to rapturous applause.

With Martins limping, it was he who made way, with Keegan's striking options stretched to the limit.

Things might have got even worse for him when, with 59 minutes gone, Gretar Steinsson's cross flicked off Joey O'Brien's head and hit Taylor's arm, and referee Steve Bennet pointed to the spot.

Nolan drilled the ball low to Given's left, and the Irishman pulled off a fine save to spare his side further punishment.

Owen headed straight at Jaaskelainen two minutes later with anxiety levels rising inside the stadium, but salvation was close at hand.

Danny Guthrie recycled an N'Zogbia corner to Geremi, whose right-footed cross allowed the unmarked Owen to glance a header past the stranded Jaaskelainen to set his side on their way to three points.

Milner might have made sure five minutes later but headed over from Habib Beye's cross, and the unmarked Nolan headed wide four minutes from time and then saw Taylor block a rasping volley as Bolton finished strongly, but to no avail.