The Barclay family has submitted a Middle East-backed bid to regain ownership of the Telegraph group from Lloyds Bank.
Lloyds, which is thought to have been owed about £1 billion by the Barclays, seized control of the two Telegraph newspapers and The Spectator magazine in June, and appointed Goldman Sachs to run an auction process for the titles.
Sky News reported that the Barclay family, with backing from unnamed Middle Eastern investors, offered to buy the debt for between £500 million and £600 million, which would have enabled them to take back control. However, Lloyds rejected the approach.
Advised by the investment bank Houlihan Lokey, the Barclays have been working behind the scenes to regain their media assets. The late Sir David Barclay and his
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