Lord Agnew, the former minister who resigned in 2022 over the handling of COVID loan fraud, has stepped down from his position at Old Queen Street Ventures – formerly known as UnHerd Ventures. This resignation, recorded in a filing at Companies House, has raised questions about the media group’s interest in The Daily Telegraph.
Lord Agnew had been appointed as the chairman of UnHerd Ventures less than nine months ago, with sources close to the situation stating that he would play a crucial role in Sir Paul Marshall’s potential bid for the Telegraph newspaper titles. In addition, Lord Agnew had also joined the parent company of GB News, the news channel in which Sir Paul is a major shareholder, as a director earlier this year. However, he has since stepped down from this position as well.
A source close to Lord Agnew stated that his resignation from Old Queen Street Ventures was a natural progression as he shifts his focus towards the development of GB News. This comes just days after reports from Sky News suggested that Sir Paul may not make a formal offer for the Telegraph newspapers before the deadline at the end of this week.
It has also been revealed that UnHerd Ventures has changed its name to allow for the possibility of bidding for multiple media titles without creating any confusion with UnHerd. Sir Paul has enlisted the support of Citadel founder Ken Griffin in his potential bid for the Telegraph, after the Daily Mail’s publisher withdrew from the auction.
Other parties that have shown interest in the Telegraph include David Montgomery’s National World, Lord Saatchi and financier Lynn Forester de Rothschild, and Belgian media group Mediahuis. However, CVC Capital Partners, the Six Nations rugby backer, is unlikely to submit a formal offer.
The auction for the Telegraph was triggered by a move from the former Conservative government to block Abu Dhabi sovereign-backed RedBird IMI’s attempt to take control of the newspaper. The fate of the Telegraph has been uncertain for over a year, after Lloyds Banking Group took control of its parent companies due to the Barclay family’s failure to repay debts.
Earlier this year, it was reported by Sky News that Raine Group and Robey Warshaw had been hired to advise on the next phase of the Telegraph’s ownership. Despite the uncertainty surrounding its ownership, the Telegraph’s commercial prospects remain strong, as evidenced by its recently published accounts.
