Chelsea Football Club owner Todd Boehly has emerged as a potential disruptor in the £550 million sale of The Telegraph newspaper, offering financial backing that could reshape the bidding landscape for the historic British publication.
The US billionaire has conducted discussions with RedBird IMI regarding potential involvement in the acquisition of the 169-year-old conservative newspaper. Sources close to the matter indicate Boehly’s interest could manifest either alongside or in place of current frontrunner Dovid Efune, who has maintained exclusive negotiation rights for over a month.
Boehly, who serves as co-founder and chief executive officer of Eldridge Industries, brings substantial financial credentials to the table. His diverse investment portfolio spans financial services, technology, and sports ownership, including his prominent role as co-owner of Chelsea FC and stakeholder in the Los Angeles Dodgers baseball team.
The timing of Boehly’s entry raises questions about Efune’s ability to secure necessary funding before the Christmas deadline. Despite receiving a month-long extension in late November, concerns persist regarding the financial backing of Efune’s bid. Representatives from his camp previously indicated “strong momentum” in assembling a financing consortium, with numerous funding parties reportedly engaged in discussions.
This development marks the latest chapter in an 18-month search for The Telegraph’s new owner, following the Barclay family’s loss of control in summer 2023 due to unpaid debts to Lloyds Banking Group. The subsequent sale to Abu Dhabi-backed RedBird IMI faced governmental opposition over foreign state ownership concerns, leading to the current bidding process.
The competition for ownership of this influential British newspaper continues to intensify, with Efune’s bid previously surpassing offers from prominent figures including Lord Maurice Saatchi and Lady Lynn Forester de Rothschild. Both RedBird IMI and Boehly have declined to comment on the ongoing negotiations.
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