By FOX Sports Staff
The champions trail leaders Manchester United by 15 points with just nine games to go and Owen has pinpointed Mancini's poor decisions in the transfer windows as where the club let itself down this season.
City brought in Javi Garcia, Jack Rodwell, Matija Nastasic, Scott Sinclair and Maicon under Mancini's watch and collectively as a group they have failed to deliver the Italian the back-to-back titles he was famous for achieving while at Inter Milan.
"Of course you would not have expected those players to come in after winning the league. You want to bring in the best players," Owen told talkSPORT.
"Jack Rodwell was a surprise, it was a surprise to him as well. He was bought with the future in mind.
"But you can only bid for the players who are available and who want to play for City. We face the same challenges in that respect as Man United and Chelsea."
Among the high profile names Mancini tried to sign but was beaten to the punch last summer were Robin van Persie, who ended up at title rivals United.
However, Owen questions why Mancini felt the need to add another striker to his team when there were other areas in the squad with far less options.
"We [already] had four strikers," he said.
"Mario Balotelli was not going to be sold last summer, Edin Dzeko scored 20 goals last year, Sergio Aguero scored 30 goals.
"Carlos Tevez may have been the one who could have been moved on, but you would have thought City would have had enough ammunition with or without Van Persie.
"If you took away Van Persie's goals this season, it would be interesting to see where United would be. But he chose to go to United and they've reaped the benefit."
City host Newcastle this weekend in the Premier League following the international break.