shantanu_rooney
Chairman of Selectors

Last Updated: 26th June, 2008


RELIANCE TAKE OVER NEWCASTLE UNITED

Newcastle United are to be taken over by the Reliance Industries Limited(RIL). The deal has been agreed between Newcastle's owner Mike Ashley and group representative Nikhil R. Meswani, executive director of Reliance Indrustries Limited.
No financial details were revealed in the statement, which was released by Hital R. Meswani, media and public relations manager at Reliance Industries Limited.
"The Reliance Industries Limited, has successfully completed the huge takeover of the English club (Newcastle United), one of the most prominent and famous English clubs," the statement read.
And a statement on United's official website read: "Newcastle United can confirm that a Memorandum of Understanding has been signed between the Reliance Industries Limited and Newcastle United Football Club.
"A period of due diligence for all parties, including the FA Premier League has now been entered. A further statement will be released by the club in due course."
The statement added that Mike Ashley will retain a role as "honorary chairman of the club without any administrative responsibilities". The former owner has been looking for new investment in the club, despite taking charge just over 12 months ago.
The statement from RIL added that the deal was signed at Taj Mahal Palace & Tower in Mumbai, and the deal was considered a "massive achievement for both the sides".
The statement also said that Nikhil R. Meswani had pledged to "solve all the club problems and clear any pending payments, and will comprehensively support the club by bringing the best football players in the world" to Newcastle.
Success in the Premier League, but also "European and world level" would be the aim, with "the qualification of Newcastle United to the European Champions League (for) next season 2009-10" also highlighted in the statement.
Nikhil Meswani added: "We will adopt marketing plans that reflect positively on the club and the company." RIL is set to appoint the new manager of club in few days time after Kevin Keegan resigned a week ago.