Football

Anil Ambani

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A source close to the deal said that Ambani is"deadly serious" about the deal and that his legal advisers are expected to contact Ashley in the next few days.

Ashley, a sportswear tycoon who bought the club for 134.4 million pounds in 2007 and is the 25th richest person in Britain, will then have 10 days to decide on the Ambani offer.

Several British papers said Ambani is not interested in haggling and that if it came to a bidding war, he would prefer to walk away and turn his attention to other football clubs. These could include Leeds United, Sheffield Wednesday and Everton, all of which enjoy large fan bases.

A source said,?His people will put a set of proposals to Ashley and if they don't like them they will say 'that's it' and turn their attention elsewhere. They won't be messed about?.

?They see Newcastle as a massive club with vast potential. They know they already attract 50,000-plus crowds and wonder what would happen if they get back into the Champions League. But they also see India as an untapped market as well,? the source added.

However, it is said that Ashley was reluctant to sell the club for less than 300 million pounds and that this may prove to be a stumbling block. Another potential difficulty could arise from differences over the ownership structure of the club.

Both Ambani and Profitable Group are reported to have demanded complete control. But Ashley last said he preferred a partnership, citing the model of the London club Queens Park Rangers, which is co-owned by another Indian billionaire, Lakshmi Niwas Mittal.