Former Chancellor Nadhim Zahawi is reportedly in a bid to take over The Telegraph in a £600million deal.
Mr Zahawi, who stood down as an MP at the general election earlier this month, is thought to be seeking funding to bid for the publication which also includes The Spectator magazine.
According to reports, Mr Zahawi has been in talks with the Reuben family, who own a stake in Newcastle United Football Club.
After a failed attempt from an Abu-Dhabi backed-bid in which Mr Zahawi was a key middle-man, the former Cabinet minister has decided to find his own funding in order to buy the publication.
The government blocked the sale which would have transferred their ownership to the Gulf-backed Redbird IMI consortium in January, banning foreign states from owning UK newspapers.
Mr Zahawi is said to be in talks with IMI directly about a potential buyer. IMI provided most of the backing for RedBird IMI’s £600million deal for The Telegraph and The Spectator magazine last year.
Other potential bidders include Rupert Murdoch’s News UK and GB News owner Sir Paul Marshall.
Nadhim Zahawi served as Chancellor of the Exchequer for the final few weeks of Boris Johnson's government.
He was later sacked as the chairman of the Tory party after he failed to disclose he was being investiagted by HMRC over his tax affairs.
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