Former Chancellor Nadhim Zahawi is thinking about buying the Telegraph newspapers and Spectator magazine.
Zahawi, who recently left his position as a Conservative MP, is looking for financial support to make a bid for these publications.
Earlier this year, the Telegraph and Spectator were put up for sale after a deal with an Abu Dhabi-backed group fell through.
The deal, valued at around £600 million, was stopped by the government, which now bans foreign states from owning UK newspapers.
The first round of bidding for these publications ended last Friday, with up to 20 interested parties, including private equity groups and wealthy individuals. The process will move to a second stage soon.
Sky News reported that Zahawi is talking to several financial backers and the Abu Dhabi-based company IMI, which has a lot of debt related to the two titles.
The BBC tried to get a comment from Zahawi, but he hasn’t responded yet.
Other potential buyers include Rupert Murdoch’s News UK and Sir Paul Marshall, owner of GB News. However, the Daily Mail’s owners have dropped out, citing potential regulatory issues with the new Labour government.
The Telegraph and Spectator were seized from the Barclay family by Lloyds Banking Group after the family failed to repay a large loan.
The Barclays later paid off their debt with help from Sheikh Mansour, owner of Manchester City football club. However, the sale to a Gulf-backed group was halted due to government intervention and new laws.
Nadhim Zahawi, who helped with the previous deal, is now interested in making his own bid for the publications.
Zahawi has had a varied political career, including serving as education secretary and Chancellor of the Exchequer. He was dismissed as Tory Party chairman last year after an inquiry found he failed to disclose a tax investigation.
This summary is based on a report by the BBC.
https://www.bbc.com/news/articles/c4ng5q4jd62o