Cape Town - Murat Ulker will not be buying Newcastle United, it has been revealed, following reports the Turkish billionaire was an admirer of the club.
A Ulker family representative in London, Tom McLoughlin, told the Evening Standard on Tuesday: "The Ulker family have substantial assets and significant investments already in the UK.
"We understand football and our initial specific target would be to make Newcastle a solid top six club and a permanent feature in Europe with a popular local and worldwide following."
But a Yildiz Holding spokesperson then refuted those claims when he told BBC Sport: "The company is not purchasing Newcastle and no discussions about the team have taken place.
"We wish them the best of luck in finding a new owner."
Ulker is Turkey's richest man and is chairman of Yildiz Holding, the largest food company in Central & Eastern Europe, Middle East and Africa, and Turkey's leading food group.