At that time, the victory propelled them to seventh spot in the Premier League table, just two points off the Champions League places.
Movement behind the scenes, with a takeover close to being completed, has not helped Newcastle.
"That's just the start of what's to come for us", he said.
"I had a meeting with Hicks and Gillett one time and they were talking about money available and "then we can go to the draft".
"What's best for the team's the best for the club".
"They want to give a very clear message that they care and they want to do things right so they have made a decision to cancel their Christmas party", the former Liverpool boss told reporters.
"We'll see if we can progress (in) this discussion in a few days".
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"We need some experience or something different".
Mesut Ozil's stunning first-half volley was enough for Arsenal to pick up a 1-0 victory over the Magpies at the Emirates Stadium, a result which saw Newcastle drop into the relegation zone courtesy of wins elsewhere for Crystal Palace and West Ham United.
Suffice it to say nothing has really gone to plan for either club this season, but this match could represent an opportunity to start turning things around. The main thing for me is to be sure that the team continue working like today. "We must stay calm".
"They can see that, because a couple of players can change everything".
"Arsenal have won their last nine Premier League games against Newcastle", Owen wrote in his BetVictor blog.
But Elliot believes other clubs who are enjoying an upturn in results can show Newcastle the way as they look to get out of trouble over the festive period.
"This group of players is working so hard, so I could not have said to them you do not deserve to do this or that - they are giving everything".