The former England international, who announced on Monday he will hang up his boots at the end of the season, joined Newcastle in a £16million deal from Real Madrid in August 2005.
His four years in the north east were badly hampered by injury, but he still produced a healthy return of 26 Premier League goals from his 71 appearances.
The former Liverpool striker joined Manchester United as a free agent after his deal expired when the Magpies were relegated to the Championship, but many supporters still bear a grudge following his exit.
Owen, now with Stoke after three seasons at Old Trafford, has moved to set the record straight in his eyes and took to Twitter to explain his version of events.
Owen wrote: "Newcastle fans, plenty of you tweeting me saying you don't blame me for getting injured but for leaving when we got relegated.
"Despite the club saying they did, they didn't ever offer me a new contract despite them putting it in the press that they did.
"How could they when they had just been relegated? It would have been financial suicide.
"I've seen it a million times, a club will blatantly lie to their fans to take the moral high ground leaving the player with no leg to stand on.
"I've taken the stick for years which is fine but you really don't know half of it. All will be revealed one day."
This guy has some temerity... spent so long injured for Newcastle, only to miraculously be 'fit for England' whenever there was a match, only to be straight back on the physio bench after playing. I know quite a few Newcastle fans who saw this pattern...- fritz80