This article is from the source 'guardian' and was first published or seen on . The next check for changes will be

You can find the current article at its original source at https://www.theguardian.com/football/2025/mar/28/chelsea-fc-owner-may-make-bid-for-owner-of-scotsman-and-yorkshire-post

The article has changed 3 times. There is an RSS feed of changes available.

Version 0 Version 1
Chelsea FC owner may make bid for owner of Scotsman and Yorkshire Post Chelsea FC owner in talks over bid for the Daily Telegraph
(about 4 hours later)
Todd Boehly’s potential bid for National World, owner of more than 100 titles, seen as precursor to Telegraph offer Todd Boehly is understood to be talking with David Montgomery, the executive chair of National World
The Chelsea FC owner and chair Todd Boehly is considering making a bid for the owner of the Scotsman and Yorkshire Post, in a move seen as a precursor to making a potential offer for the Telegraph. The Chelsea FC owner and chair Todd Boehly is in talks over a bid for The Daily Telegraph, in a plan that has seen him team up with a Fleet St veteran.
National World, the London-listed owner of more than 100 regional titles, said it had received confirmation that Boehly-controlled Eldridge Media Holdings (EMH) is considering making a proposal to buy the company. Boehly is understood to be talking with David Montgomery, the executive chair of National World and former boss of the parent of the Mirror, about mounting a bid for the Telegraph, in an attempt to bring an end to two years of uncertainty over the newspaper’s fate.
Boehly has been in talks with David Montgomery, the executive chair of National World and former boss of the parent of the Mirror, about a potential tie-up to buy the Daily Telegraph and Sunday Telegraph, which have been up for sale for almost two years. The Guardian understands that the prospect of a takeover by Montgomery is already causing concern inside the Telegraph. He has a reputation as a cost-cutter, though allies say he has decades of experience in the industry and has managed to keep National World profitable in a tough media climate.
Montgomery’s National World, which was an underbidder in the protracted auction of the Telegraph titles, is in the process of a shareholder-approved £65m takeover by its largest investor, Media Concierge. “Everyone here knows that if Montgomery got his hands on The Telegraph, it’s game over for us,” said a Telegraph source. “He wouldn’t know how to take the Telegraph forward but then again he wouldn’t want to. How sad.”
“The company acknowledges, for the purposes of the takeover code, that it is in receipt of an approach from EMH regarding a possible offer for the entire issued and to be issued share capital of the company,” said National World in a statement to the stock market on Friday. The bid for the Telegraph would involve Boehly’s Eldridge Media Holdings (EMH) first making a successful pitch to buy National World, which owns the Yorkshire Post and the Scotsman. The group owns more than 100 regional titles.
“The National World board will consider the terms of any proposal put forward by EMH that may deliver superior value to National World shareholders than the scheme [of arrangement relating to the current sale process]”. It is the latest episode in the long-running saga of the Telegraph’s ownership. RedBird IMI, which derives most of its funding from Sheikh Mansour bin Zayed Al Nahyan, the vice-president of the UAE and owner of Manchester City football club, paid £600m to take control of Telegraph Media Group in November 2023 from the Barclay family.
National World’s shares rose 7% on Friday, valuing the company at £62m.
Boehly and Montgomery have been in talks about a potential deal that would combine National World and the Telegraph titles, and also involve other third-party backers, at a price below the £500m-plus level being sought by the Telegraph’s current backers.
RedBird IMI, which derives most of its funding from Sheikh Mansour bin Zayed Al Nahyan, the vice-president of the UAE and owner of Manchester City football club, paid £600m to take control of Telegraph Media Group in November 2023 from the Barclay family.
However, RedBird IMI was forced to put the titles back up for sale last spring after the British government published legislation to block foreign states or associated individuals from owning newspaper assets in the UK.However, RedBird IMI was forced to put the titles back up for sale last spring after the British government published legislation to block foreign states or associated individuals from owning newspaper assets in the UK.
Dovid Efune, the British owner of the New York Sun, had several weeks of exclusivity late last year to push through a £550m deal to buy the titles.
However, Efune has so far failed to raise the financial backing to get the deal over the line and RedBird IMI is pursuing talks with other potential bidders. It has also been reported that Lord Saatchi, the advertising mogul, had unsuccessfully offered to buy the Telegraph newspapers for £350m.
Other parties previously thought to be interested in the titles include the Daily Mail and General Trust, and Paul Marshall, the hedge fund founder and backer of GB News who went on to buy the Spectator magazine from RedBird IMI for £100m.
Montgomery’s National World, which was an underbidder in the protracted auction of the Telegraph titles, is in the process of a shareholder-approved £65m takeover by its largest investor, Media Concierge.
Sign up to Business TodaySign up to Business Today
Get set for the working day – we'll point you to all the business news and analysis you need every morningGet set for the working day – we'll point you to all the business news and analysis you need every morning
after newsletter promotionafter newsletter promotion
Dovid Efune, the British owner of the New York Sun, had several weeks of exclusivity late last year to push through a £550m deal to buy the titles. National World said it had received confirmation that EMH is considering making a proposal to buy the company. “The company acknowledges, for the purposes of the takeover code, that it is in receipt of an approach from EMH regarding a possible offer for the entire issued and to be issued share capital of the company,” said National World in a statement to the stock market on Friday.
However, Efune has so far failed to raise the financial backing to get the deal over the line and RedBird IMI is pursuing talks with other potential bidders. “The National World board will consider the terms of any proposal put forward by EMH that may deliver superior value to National World shareholders than the scheme [of arrangement relating to the current sale process]”.
National World’s shares rose 7% on Friday, valuing the company at £62m. Boehly and Montgomery have been in talks about a potential deal that would combine National World and the Telegraph titles, and also involve other third-party backers.
While analysts have been sceptical about the £500m price tag that RedBird IMI have placed on the Telegraph titles, sources close to the talks said such a deal could yet be possible, depending on the structure.