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Global Economics

Is Reliance's Anil Ambani After Newcastle United?

A British tabloid reports India's second-richest man is willing to outspend any rivals for the team

Anil Ambani may soon be wearing the black and white Newcastle United jersey. Reliance Communications is in talks to take over the Premier League club from UK billionnaire Mike Ashley for an estimated £260 million ($514 million ), a British newspaper report said.

But Mr Ambani is facing competition from Singapore-based global investment company Profitable Group, which has former England footballer Steve McMahon as a director , News of the World reported on Sunday.

"Both Reliance and Profitable are ready to pay £260 million to own the Magpies outright and are determined to spend more than £100 million on transfers to bolster the team, managed by Kevin Keegan," it said.

Mr Ashley

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