Newcastle United are the subject of a bidding war between two Asian consortiums.

The News of the World says Toon owner Mike Ashley is in talks with Anil Ambani, the sixth richest man in the world and head of Reliance Communications, India's biggest telecoms company.

But Singapore-based global investment company Profitable Group - who include former England star Steve McMahon as a director - also want to buy Ashley out.

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