No, they shouldn't. Not the way you are saying.
Owners should be involved in planning and should issue directives to their front office executives. But when it comes to negotiating terms of deals, smart owners let basketball men handle basketball decisions. Owners generally have much, much, much inferior basketball knowledge compared to most basketball execs like Walsh or Donnie Nelson.
Real life example: I once worked at a metal related company. A venture capitalist and metal working hobbyist purchased the company. Do you know how he ran things? He trusted his executives with decades of experience in the industry to run the business. The owner was kept up to date on business moves, and had control on what direction the company would go, but he let his metal men make the metal decisions.
He didn't get in there and say, "Listen Don, I know gold is taking off, and I know you've already made very aggressive plans to increase our gold division while maintaining our other projects, but I want you to go further and dump everything and just go all out on gold."
"Oh, and thanks for getting our company out of the red for the first time in 10 years...here's a 40% pay cut. And I'm taking away your phone, too."