Anil Ambani bids for UK's Newcastle United football club

Anil Ambani owned Reliance Communications is planning to buy out Premiereship soccer club Newcastle United. Although a club official denied the takeover deal with Relaince Communications, other sources suggested that Mike Ashley, the owner of the soccer club was in talks with Ambani for a possible takeover.

According to reports in British newspapers, the Mike Ashley-owned Newcastle United has been in the midst of a £260-millions takeover battle between Asia's two richest companies - Reliance Communications and Singapore-based investment firm Profitable Group.

English billionaire Ashley, bought Newcastle in May 2007 for £130 million and immediately shelled out £80 million to clear the club's previous debt. Since then, Ashley is sai to have been on the look out for investors to  pump money to ease his financial burden as well as source funds to buy new players for the club.

According to sources, both bidding companies are ready to spend more than £100 million pounds on transfers to boost the team.

Anil Ambani, chairman, Anil Dhirubhai Ambani Group, is the sixth richest man in the world, according to an American survey, with personal wealth valued at more than $42 billion.

His flagship company is Reliance Communications, one of the largest  telecommunications firm in India.  Recently, Britain's Financial Services Authority approved Reliance Asset Management, the company's fund management subsidiary to open an office in London. ADAG says, the offshore fund company known as Emergent India will target international investors

Newcastle United Football Club also known as The Magpies currently play in the Premiere League, which is England's top soccer division. Since its inception in 1892, the club has been playing its home matches at St James' Park. The club's traditional kit colours are black and white striped shirts, with black shorts and socks