Abu Dhabi-backed group on verge of deal to take over Telegraph

Barclay family accused of ‘heist to hand media assets to an autocratic government’
Helen Cahill
The Times
The deal negotiated by the Barclay family could derail a formal auction process for the newspaper group, which began after Lloyds Bank acted over unpaid debts
The deal negotiated by the Barclay family could derail a formal auction process for the newspaper group, which began after Lloyds Bank acted over unpaid debts
HOLLIE ADAMS/BLOOMBERG
Helen Cahill
The Times

An Abu Dhabi-backed consortium has struck a deal to repay the Barclay family’s bank debts in a move that could pave the way for a foreign takeover of the Telegraph.

An American investment firm has teamed up with a media investor from the emirate to provide loans to refinance the Barclay family’s debt to Lloyds Bank after the lender seized their media assets in June. The deal with Abu Dhabi’s International Media Investments and RedBird Capital, of the United States, could derail a formal auction process for the newspaper being spearheaded by Goldman Sachs.

Sir Frederick Barclay and his late twin Sir David bought the Telegraph titles almost 20 years ago and the family have been seeking to block rivals from taking over their media