Don't know the rumour, but from the Telegraph;
Over the next few months, as he always does, Owen will make the best of things. The consummate professional, he will train hard, find temporary accommodation nearby, so as not to exhaust himself in the commute, and will doubtless score goals.
Source
With the commuting plan, as football is a 'bad weather sport' seasonally, and as this is in the Rotorheads forum, I would think the alternate plan, according to my version of AutoRoute, would involve a commute from Concha Espina 1, 28036 Madrid to NE1 4ST of 1346.6 miles which would take 2 days 4 hours and 54 minutes-ish.
He may well be better than Beckham in George Bests eyes, but somehow I can't see any club putting up with that kind of plan!
But with their kind of money......why not Eh?
SS
p.s. Perhaps not a Rotorhead topic!