The possibility of Boris Johnson, the past leader of the nation, potentially taking up a senior position at The Daily Telegraph is currently being explored. This move could lead to a reunion with one of his former government colleagues, according to sources at Sky News.
Insider information reveals that discussions have taken place between Mr Johnson and Nadhim Zahawi regarding a potential role at the conservative-leaning publishing house, should Zahawi’s offer come to fruition.
A reliable source close to Mr Johnson clarified on Monday that while no official agreement or discussions have been finalized, the notion is under consideration.
Meanwhile, individuals involved in the Telegraph acquisition process noted that Zahawi had proposed the idea of appointing Mr Johnson as the Global Editor-in-Chief of The Telegraph to potential investors.
Mr Johnson, who currently contributes as a columnist for The Daily Mail, has previously been associated with The Telegraph, both as a correspondent in Brussels and later as a well-compensated columnist.
“He still has a strong affinity for The Telegraph,” a close associate of the former Prime Minister remarked.
Sky News disclosed last month that Zahawi had approached numerous affluent individuals seeking backing for a bid on The Telegraph and The Spectator, both currently available for purchase following the prevention of an Abu Dhabi state-supported takeover by the previous Conservative government.
The former chancellor is engaged in direct negotiations with Gulf-based IMI, the majority owner of RedBird IMI, the entity overseeing the formal bidding process.
A close associate mentioned that his offer is now fully funded, although specifics about his supporters or the likelihood of a successful bid remain unclear.
A spokesperson for Mr Johnson declined to provide a statement, while attempts to reach Mr Zahawi for comment were unsuccessful.
Get the latest news from the UK and worldwide by following Sky News
News of Mr Johnson’s potential involvement in The Telegraph’s future coincides with RedBird IMI scaling back the number of participants in the auction.
Last week, Sky News reported that Lord Saatchi, the former advertising magnate, accused RedBird IMI of overestimating the value of the acquisition after his £350 million bid was turned down.
Lord Saatchi and his partner, Lady Lynn Forester de Rothschild, were informed of the rejection by Raine Group and Robey Warshaw, the advisors managing the Telegraph sale.
Moreover, Mediahuis, the Belgian publishing company, did not progress further in the bidding process.
The attempt by RedBird IMI to acquire The Telegraph and The Spectator was halted by the alteration of media regulations by the prior Conservative administration to prevent foreign governments from influencing national publications.
Sir Paul Marshall, the hedge fund entrepreneur, is currently the leading contender to purchase The Spectator, a renowned British political magazine.
National World, the publicly listed entity led by industry expert David Montgomery, remains engaged in the process. Additionally, The Telegraph’s own report suggested that Sir Paul is still in the running to acquire the newspapers after uncertainty regarding his bid on a standalone basis.
Lord Rothermere, the owner of the Daily Mail, withdrew from the bidding earlier in the year due to concerns of facing antitrust objections.
Explore more stories from Sky News:
Is this the end of the pub?
Remuneration of top City executives hits record levels
The future of The Telegraph, known as a loyal supporter of the Conservative Party, has been uncertain for more than a year.
Lloyds Banking Group, the largest retail bank in the UK, assumed control of its parent companies when the Barclay family defaulted on their loans.
Although the Barclays had owned The Telegraph for nearly two decades, they faced financial challenges leading to the handover. Currently, the family retains control of Very Group, an online retail organization, with IMI providing financial support to the business.
Recently, Mr. Zahawi was appointed as the chairman of Very Group.
IMI is overseen by Sheikh Mansour bin Zayed Al Nahyan, the UAE’s deputy prime minister and the proprietor of Manchester City Football Club.
RedBird IMI settled the Lloyds debt, totaling over £1.15 billion, on behalf of the Barclays family.
Those involved in the process assert that there exists significant interest in acquiring The Telegraph at considerably higher prices than what was offered by Lord Saatchi and Lady de Rothschild.
