Henchoz understands Reds' Owen dilemma

Swiss defender Stephane Henchoz will understand if Liverpool leave Michael Owen out of tonight’s Champions League third qualifying round first leg against Austrian champions Graz AK.

Owen has yet to sign a new contract, and if he plays will be cup-tied for the rest of the season in any UEFA competition.

That would slash his transfer value if contract negotiations break down and the England striker does leave Anfield.

Barcelona have made an enquiry and Real Madrid are watching the situation, and neither would be so interested if Owen ended the week unable to play for any other club in European competition.

The shadow of Owen’s contract has shrouded the build-up to this crucial match on which so much is riding as Liverpool bid to reach the lucrative group stages.

Henchoz, who also has a contract to sort out, said: “If he is happy at the club and wants to play for the club he will renew his contract and everything will be finished. It is Michael who is the only one who can say that one way or the other.”

If Owen plays tonight, it virtually ensures that he will be signing a new deal. But with speculation of an 11th-hour hitch in negotiations, the nagging doubts about Owen’s future have surfaced again after 15 months of painful talking.

It is the last thing that new coach Rafael Benitez wants at a time when he is trying to rebuild the squad and ensure Liverpool have a season of top European combat to look forward to.

With 10 players having left and Danny Murphy looking for a new club after his proposed move to Spurs fell through, Benitez is facing a delicate balancing act.