- Nadhim Zahawi approaches Boris Johnson for Telegraph global editor-in-chief role
- Zahawi seeks investors for his bid to acquire Telegraph, competing against Sir Paul Marshall
- The Telegraph’s ownership is contested after financial struggles led Lloyds to take control
Nadhim Zahawi, who hired Boris Johnson as chancellor before the end of his ill-fated government, has approached Ham about the position of global editor-in-chief at The Telegraph.
The former prime minister Boris Johnson is being approached about an executive position at The Daily Telegraph, which might reconnect him with one of his old cabinet colleagues.
Mr Johnson has had preliminary, informal discussions with Nadhim Zahawi about future employment with the right-leaning newspaper publisher if the former chancellor’s offer is accepted.
On Monday, a source close to Mr Johnson said that no agreement was in place and no official conversations were taking place, even though the concept was “floating around.”
According to those familiar with the Telegraph bidding process, Mr Zahawi discussed Mr Johnson as the Telegraph’s global editor-in-chief with prospective investors as part of his proposal.
Mr Johnson, who currently writes a column for The Daily Mail, formerly worked for the Telegraph as a correspondent in Brussels and, more recently, as a highly paid columnist.
“He still holds the Telegraph in high regard,” said a source close to the former Prime Minister.
Mr Zahawi has approached several billionaires about sponsoring an offer for the newspaper and The Spectator, both for sale after the previous Conservative government blocked an Abu Dhabi state-backed takeover.
The former chancellor is talking directly with Gulf-based IMI, which owns the majority of RedBird IMI, the entity supervising the formal auction process.
One person near him said his offer was now “fully financed.” Still, further information about his sponsors or the likelihood of him submitting a successful bid needs to be provided.
A spokesperson for Mr Johnson declined to comment, while Mr Zahawi was unavailable for comment.
The revelation of Mr Johnson’s potential role in the Telegraph’s future coincides with RedBird IMI’s reduced number of auction participants.
Lord Saatchi, the British advertising entrepreneur, accused RedBird IMI of overpaying for the right to control the title after his £350 million offer was rejected.
Raine Group and Robey Warshaw, the bankers in charge of the Telegraph auction, told Lord Saatchi and his bidding partner, Lady Lynn Forester de Rothschild, that their offer would not be accepted.
Mediahuis, the Belgian publisher, has also failed to pass.
RedBird IMI’s effort to acquire the Telegraph titles and The Spectator was stopped by the previous Conservative government’s determination to modify media laws to prohibit foreign governments from exercising control over major newspapers.
Sir Paul Marshall, the hedge fund magnate, is now the leading candidate to buy The Spectator, one of Britain’s most important political journals.
National World, the London-listed vehicle led by industry veteran David Montgomery, is still involved in the process, and the Telegraph reported over the weekend that Sir Paul was still in the running to buy the newspapers after weeks of speculation about whether he would bid for them on their own.
Lord Rothermere, the Daily Mail’s owner, backed out of the offer earlier this summer due to concerns that he would be barred on competition grounds.
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The status of the Telegraph, a long-time Conservative Party supporter, has been uncertain for over a year.
Lloyds Banking Group, the UK’s largest high-street lender, took ownership of its parent companies when the Barclay family fell behind on loan payments.
The family had owned the Telegraph for about 20 years, but some of its assets had fallen into financial difficulties.
Barclays still owns Very Group, an online retailer, and IMI has also supplied finance to that company.
Mr Zahawi was just appointed chairman of Very Group.
IMI is owned by Sheikh Mansour bin Zayed Al Nahyan, the UAE’s deputy prime minister and ultimate Manchester City Football Club owner.
RedBird IMI reimbursed Lloyds’ debt of more than £1.15 billion on behalf of the family.
People close to the process stated that there was still “robust” interest in the Telegraph at substantially higher rates than those proposed by Lord Saatchi and Lady de Rothschild.
