Former PM Johnson spoke about the role of the Telegraph | Business News

Boris Johnson, the former prime minister, is being asked about an executive role at The Daily Telegraph, in a move that could reunite him with one of his former cabinet colleagues.

Sky News discovered that Mr Johnson held preliminary and informal conversations with Nadhim Zahawi about a possible job at the right-leaning newspaper publisher if an offer being made by the former chancellor is successful.

A source close to Johnson insisted on Monday that there was no deal and that no formal negotiations were taking place, although he acknowledged that the idea was “floating”.

However, the people involved in the Telegraph The bidding process said Zahawi raised the idea of ​​Johnson becoming the Telegraph’s global editor-in-chief with potential investors in his bid.

Johnson, who now writes a column for the Daily Mail, previously worked for the Telegraph, both as a Brussels correspondent and, more recently, as a highly paid columnist.

“He still has a lot of affection for the Telegraph,” said a person close to the former prime minister.

Sky News revealed Last month, Zahawi approached a number of billionaires about supporting a bid for the newspaper and The Spectator, both of which are on the market after a state-backed takeover in Abu Dhabi was blocked by the last Conservative administration.

The former chancellor is negotiating directly with Gulf-based IMI – which owns the majority of RedBird IMI, the vehicle now overseeing the formal auction process.

A person close to him said his bid is now “fully funded,” although further details about his backers or the chances of him making a successful bid are unclear.

A spokesperson for Johnson declined to comment, while Zahawi could not be reached for comment.

The emergence of Johnson’s possible involvement in the future of the Telegraph comes as RedBird IMI reduces the number of bidders in the auction.

Last week, Sky News revealed that Lord Saatchi, the former advertising mogul, accused RedBird IMI of overpaying for the right to own the title after his £350m bid was rejected.

Lord Saatchi and his bidding partner, Lady Lynn Forester de Rothschild, were informed of the decision not to proceed with their bid by the Raine Group and Robey Warshaw, the bankers responsible for the Telegraph auction.

Mediahuis, the Belgian publisher, also failed to pass.

RedBird IMI’s attempt to grab the titles of the Telegraph and The Spectator was thwarted by the last Conservative government’s decision to change media law to prevent foreign states from exerting influence over national newspapers.

Sir Paul Marshall, the hedge fund tycoon, is now the pioneer in acquire The Spectatorone of Britain’s most influential political magazines.

National World, the London-listed outlet led by industry veteran David Montgomery, remains involved in the process, while the Telegraph itself reported at the weekend that Sir Paul was still in the running to buy the papers after weeks of doubts over whether he would an offer to buy the newspapers. them independently.

Lord Rothermere, owner of the Daily Mail, withdrew from the bid at the start of the summer amid concerns he would be blocked on competition grounds.

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The fate of the Telegraph, historically a staunch supporter of the Conservative Party, has been up in the air for more than a year.

Lloyds Banking Group, the UK’s biggest high street lender, took control of its parent companies after the Barclay family fell behind on debt payments.

The family had owned the Telegraph for almost 20 years, but saw several of its assets face financial problems.

Barclays continues to control Very Group, the online retailer, with IMI also extending financing to that business.

Mr. Zahawi was recently appointed chairman of Very Group.

IMI is controlled by UAE Deputy Prime Minister and ultimate owner of Manchester City Football Club, Sheikh Mansour bin Zayed Al Nahyan.

Lloyds’ debt, which totaled more than £1.15 billion, was paid by RedBird IMI on the family’s behalf.

People close to the process insisted there remained “robust” interest in the Telegraph at prices significantly higher than those put forward by Lord Saatchi and Lady de Rothschild.