Nadhim Zahawi approaches former Tory treasurer over Telegraph bid

Nadhim Zahawi has approached Sir Mohamed Mansour about financing a possible bid for the Telegraph newspaper titles as a long-running battle for ownership enters its final stage.
RedBird IMI, an Abu Dhabi-backed investment vehicle, is sounding out final offers for the papers after its takeover plans were blocked by ministers earlier in the year.
Zahawi, 57, the former Tory chancellor who has been drumming up interest for the newspapers, has approached the former Conservative Party treasurer, 76, alongside other wealthy individuals to fund a bid, according to Sky News. Zahawi has said he would like to become chairman of the group if his deal is successful.
Sir Paul Marshall, the hedge fund founder, secured a takeover of The Spectator news magazine for £100 million this month as he expands his interests in the British media industry. Marshall, 65, had been expected to bid for the Telegraph titles, but industry insiders have suggested that he may have faced regulatory hurdles because he also backs GB News, the television and radio news channel.
Dovid Efune, 39, the British-born American publisher, also entered the race after securing financial backing from Oaktree and Hudson Bay Capital, the investment firms, as well as the family office of Michael Leffell, a hedge fund manager. David Montgomery’s listed publisher National World is putting together an offer for the newspapers, with formal bids due to be submitted by the end of the month.
Efune’s team made a presentation to management this week to outline their proposals for the newspapers. A City source said they appeared “super excited” about the publications and were enthusiastic about a possible expansion in the United States. Montgomery’s team also has made a pitch to executives.
The Barclay family lost control of The Spectator and the Telegraph papers last year when Lloyds Bank stepped up action to recoup outstanding debts of £1.2 billion. RedBird IMI scuppered an initial auction of the publications by refinancing the debts and it had hoped to convert the debt into equity. However, politicians raised concerns about the deal because RedBird IMI is part-funded by Sheikh Mansour bin Zayed al-Nahyan, 53, the deputy prime minister of the United Arab Emirates. Journalists with experience working for UAE-owned publications warned The Times about how editors would censor content deemed unacceptable to the country’s ruling elite.
The government introduced new laws banning foreign powers from owning UK newspapers to address fears of press censorship, which forced RedBird IMI to run a second auction for the Barclay family’s former publications.