The putative owners of the Daily Telegraph will take another step towards the control of the right -wing newspaper in the coming days when they officially inform Whitehall of their plans.
Sky News learned that lawyers acting for Redbird Capital Partners, the American investor who will hold majority participation in the publisher If the agreement is approved, could define the proposals of the company in a file with the Culture, Media and Sport Department (DCMS) from this week.
This decision would represent another step towards the conclusion of the 27 -month break on the ownership of the telegraph – a period which started with the Lloyds banking group forcing the parent company of the newspaper to an insolvency procedure on current loans due by the Barclay family.
Sources have indicated that the notification of the lawyers of Redbird Capital will open the way to the lifting of an order of the provisional application (IEO) imposed by Lucy Frazer, then secretary of conservative culture, in December 2023, who prevented the buyers from exercising any control over the telegraph.
The abolition of the IEO is likely to reach the DCMS issuing a new public interest intervention opinion (PIIN), which would arouse surveys by OFCOM and the Competition and Markets Authority in the takeover of 500 million pounds sterling.
Last month, the Chamber of Lords approved legislation to allow an investor supported by the state of the water – IMI – to acquire a participation of up to 15% in the telegraph within the framework of the Redbird Agreement.
The takeover had originally designed as a joint company between Redbird and IMI, but was thwarted by the political opposition to the ownership of national states of national newspapers.
IMI is controlled by Sheikh Mansour Bin Zayed Al Nahyan, vice-president of the United Arab Emirates and ultimate owner of the Manchester City Football Club.
Other tenderers tried to give an agreement with the field of rival suitors led by Dovid Efune, the owner of the New York Sun.
Last month, his main funder – the founder of the Jeremy Hosking’s designer funds – told Sky News that their offer was “ready to leave” if the transaction led by Redbird collapsed.
Announced his agreement to acquire the titles Daily and Sunday Telegraph in May, Gerry Cardinale, founder of Redbird Capital, said that he had marked the “start of a new era” for two of the most important newspapers in Great Britain.
However, it’s been almost a month since the Lords voted to approve the legislation allowing IMI to have a minority participation, a verdict that prompted Mr. Cardinale to say: “With the legislation now in place, we will move quickly and in the next days of work with the DCMS to progress until the completion and to implement a new property for the telegraph.”
Sources have indicated that the official notification in Whitehall could arrive this week, but could still be delayed.
The senior executives and the telegraph journalists would be frustrated by the last phase of the process.
Sky News has already revealed that Sir Leonard Blavatnik, owner of the Dazn Sports streaming platform, and the owner of the Daily Mail Lord Rothermere are preparing to buy minority participations as part of the transaction led by Redbird.
Redbird said in May that it was “in discussion with certain minority investors based in the United Kingdom with expertise with the printed media and a strong commitment to maintain the editorial values of the telegraph”.
The Mother Society of TELEGRAP Titles was forced to carry out insolvency procedures in 2023 by Lloyds, who lacked patience with the Barclay family, their longtime owner.
Redbird IMI, a joint venture between the two companies, paid 600 million pounds sterling several months later to acquire a call option intended to convert into ownership of the Telegraph newspapers and the spectator magazine.
The spectator was sold last year for 100 million pounds sterling in Sir Paul Marshall, the billionaire of the hedge fund, who installed Lord Gove, the former minister of the cabinet, as editor.
None of the parties involved in the situation of the ownership of the telegraph would comment on Tuesday when contacted by Sky News.