Indian billionaire denies Newcastle takeover talk

Indian mobile network Reliance Communications on Monday denied reports they are in talks to buy Premier League club Newcastle.

It was reported that the company's chairman Anil Ambani, the world's sixth richest man, had spoken to Newcastle owner Mike Ashley about a potential takeover.

Ashley is searching for investors to pump cash into Newcastle but Ambani, worth an estimated 23 billion pounds (45 billion dollars), has distanced himself from the speculation.

“The news report is completely false and baseless. There are no such plans,” read an official statement from Reliance Communications.