La Liga leaders Real Madrid equalled Barcelona's Spanish record of 39 consecutive matches unbeaten as they swatted aside a woeful Granada.
Four minutes later and it was four and it was Isco who grabbed his second of the afternoon, tapping home Modric's cross in the 31st minute. The Whites have not come unstuck since and on Thursday will attempt to make it 40 without loss when they visit Sevilla in the Copa del Rey.
Owen, a Ballon d'Or victor in 2001, was joined by fellow former winners and teammates Luis Figo, Zinedine Zidane and Ronaldo (the Brazilian one) on the pitch as the other Ronaldo was publicly handed his latest award ahead of Real's 5-0 win over Granada.
Zinedine Zidane's side crushed fellow title aspirants Sevilla 3-0 in a King's Cup last 16 first leg on Wednesday despite resting forwards Karim Benzema and Cristiano Ronaldo and having five other key players missing due to injury. Subs: Bueno 5, Marquez 4, Ponce 5.
Isco opened the scoring with a low shot from inside the area after a mistake by the Granada defense while trying to move the ball forward, and Benzema - from an offside position - added to the lead off the rebound of a shot by Luka Modric.
Granada briefly threatened to draw level through Andreas Pereira in the 18th minute, but the on-loan Manchester United player smashed a high shot over the bar.
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Aubameyang had scooped the award for 2015, while Ivory Coast superstar Yaya Toure had won four in a row between 2011 and 2014. They are both contenders in the young player of the year category.
Arsenal was trailing 1-0 to a Callum Robinson goal and might have been further behind until Aaron Ramsey equalized just after halftime.
Ronaldo scooped the most coveted individual gong in world football last month on the back of Madrid's march to Champions League glory and Portugal's Euro 2016 triumph.
Ronaldo increased the lead after Marcelo cleared a defender in the left side before making a flawless cross into the area, and Isco netted again from close range after a low cross by Modric from the right flank for 4-0.
Zinédine Zidane's team emulated the feat achieved by their great rivals when they defeated Granada 5-0 in their first Liga fixture of 2017. Brazilian midfielder Casemiro shrugged clear of his marker before converting at the back post from James Rodriguez's low cross.
The changes did not disrupt Real's rhythm though and Casimero was the unlikely scorer, getting on the end of James' free-kick to score his first goal of the season from close range.
Zinedine Zidane has admitted that he is now experiencing the best run of his coaching career after seeing his Real Madrid side beat Granada 5-0 to make it 39 games unbeaten.