Click on the link for the rest of the article.
Manchester City owner and UAE Deputy Prime Minister Sheikh Mansour bin Zayed Al Nahyan could be about to become the new owner of the struggling Telegraph and Spectator titles.
The Abu Dhabi-backed investment fund RedBird IMI said on Monday it had “reached an agreement to provide a package of loans to the Barclay family allowing them to pay off their debt to Lloyds Bank in full and bring the Telegraph and Spectator out of receivership.”
The titles were bought by brothers Frederick and (the now-late) David Barclay in 2004, however they were put on the market in June after Lloyds Banking Group seized control by appointing receivers over around £1.2bn of unpaid debts.
RedBird IMI is a joint venture between US fund RedBird Capital Partners and Sheikh Mansour’s International Media Investments. It described itself in its December 2022 launch announcement as “a joint venture investment vehicle focused on acquiring and investing in large scale media, entertainment and sports content properties on a global basis.”
A JV backed by Sheikh Mansour bin Zayed Al Nahyan's media investment vehicle claims to have “reached an agreement" to bring the Telegraph and Spectator out of receivership.
www.prolificnorth.co.uk