Britain's ex-finance minister Nadhim Zahawi is putting together a 600 million pound ($776.34 million) offer for The Daily Telegraph, as reported by Sky News on Monday.
Zahawi, who exited parliament in May after deciding not to run again in his Stratford-on-Avon constituency, has reached out to several billionaire investors to assist in funding a bid for the daily newspaper, its Sunday counterpart, and The Spectator magazine, according to the report.
The Reuben family, known for their extensive property holdings and a share in Newcastle United Football Club, is among those Zahawi has approached in recent weeks, Sky News stated.
Zahawi is reportedly in discussions about the Telegraph bid with International Media Investments (IMI), the Abu Dhabi-based entity that controls a majority of RedBird IMI, according to Sky News. Zahawi has not yet replied to a Reuters request for comment.
RedBird IMI assumed control of the Telegraph and The Spectator magazine in December by settling a debt owed by the previous owner, the Barclay family, to Lloyds Bank. However, the acquisition, already under a lengthy regulatory review, faced an additional challenge in March when Britain announced it would prohibit foreign governments from owning newspapers.
Zahawi is believed to have not yet made a formal bid but is reportedly confident in securing enough financial backing to present a strong offer, Sky News reported. Last year, Zahawi was dismissed as Conservative Party chair following an investigation that concluded he had committed a significant breach by withholding information about a tax investigation.
