Sir Mohamed Mansour, a prominent Conservative donor, has confirmed he will not invest in a takeover of The Telegraph, signaling further developments in the ongoing 18-month saga.
Previously, reports suggested that the Egyptian businessman was in advanced discussions to support a consortium led by Dovid Efune, publisher of the New York Sun. However, a spokesperson for Mansour stated, 'Sir Mohamed Mansour is not participating in any bid to buy The Telegraph.'
Mansour, a British citizen and head of one of Egypt's wealthiest families, declined to join the consortium after being approached. His business interests span the Middle East, including Mantrac, a major Caterpillar dealer in the UAE, and partnerships with MG, a car brand owned by China's SAIC Motor Corp.
The discussions regarding The Telegraph were reportedly linked to Nadhim Zahawi, a former Conservative minister and ally of the previous owners, the Barclay family. The bank seized control of The Telegraph in June 2023, leading to a prolonged legal situation.
RedBird IMI acquired £600m of debt secured against The Telegraph and The Spectator magazine last December. However, attempts to convert this debt into ownership have faced obstacles due to new legislation prohibiting state ownership.
Sir Keir Starmer's upcoming visit to the UAE may address the diplomatic tensions arising from this situation, particularly concerning major projects like the planned Sizewell C nuclear power station.
While The Spectator has been sold for £100m to hedge fund founder Sir Paul Marshall, RedBird IMI's efforts to recoup its investment in The Telegraph have encountered difficulties, with only Mr. Efune bidding sufficiently to cover the purchase price and associated advisory fees.