Indian billionaire Anil Ambani is still interested in a takeover of Newcastle United.
While his mobile phone company Reliance Communications has refuted takeover reports, the Telegraph says Ambani's interest in St James' Park could still be very much alive.
"This doesn't mean that Ambani isn't interested in investing from his personal wealth outside his company," said one source.
City analysts believe that tentative third-party contact has been made between sports retail magnate Ashley and Ambani and that the telecommunications tycoon has backed off due to the publicity caused by weekend reports.
It is also understood Ambani is unhappy about revelations on Sunday that his son attends a private school in Kent due to security concerns and has made a tactical retreat.
