The government has been advised to oversee the sale of the Telegraph through an auction managed by a body such as the UK competition regulator or the Cabinet Office. During a session in the House of Lords, peers urged Culture Secretary Lisa Nandy to take control of the sale process from RedBird IMI, which is largely funded by the United Arab Emirates.
The need for a new sale process emerged after Gerry Cardinale’s US-based RedBird Capital Partners withdrew from a deal to acquire the Daily and Sunday Telegraph. Christopher Fox, the Liberal Democrats’ spokesperson in the Lords, emphasized the necessity of finding an independent buyer, arguing that previous buyers should not be involved. He criticized the Department for Culture, Media and Sport (DCMS) for its handling of the situation and recommended the involvement of an external advisor with media transaction experience.
Conservative peer Michael Forsyth also suggested that the government should engage the Competition and Markets Authority (CMA) to facilitate a proper auction. In response, Lady Twycross acknowledged the protracted sale process and its impact on the Telegraph and its employees, reaffirming that the DCMS would continue to control the process.
Nandy has the option to refer RedBird IMI’s bid to the CMA to assess compliance with foreign ownership laws under the Foreign State Influence (FSI) regime. If the CMA finds the bid unlawful, Nandy could order an independent sale at a market-driven price, potentially managed by the regulator.
RedBird IMI, controlled by Abu Dhabi’s Sheikh Mansour bin Zayed Al Nahyan, claims it has not sought to influence the editorial direction of the Telegraph since acquiring an economic interest. The newspaper group has faced uncertainty for over two years after Lloyds Bank took control due to unpaid debts.
Previous sales efforts have not achieved the desired £500 million price, with analysts appraising the titles closer to £350 million. Forced sales that result in losses for RedBird IMI might prove politically challenging for the government. A new sales process could rekindle interest from potential buyers, including Sir Paul Marshall and Lord Rothermere, although regulatory scrutiny would accompany some bids.
Source: https://www.theguardian.com/media/2025/nov/19/peers-independent-body-control-telegraph-sale