Former Prime Minister Boris Johnson is being considered for an executive role with The Daily Telegraph, in a potential reunion with one of his former cabinet colleagues. According to sources, Johnson has had preliminary discussions with Nadhim Zahawi about a possible position with the right-leaning newspaper publisher, as part of Zahawi’s bid to acquire the newspaper.
While a source close to Johnson has stated that no formal talks or agreements are in place, it has been confirmed that the idea of Johnson joining The Daily Telegraph is being considered. Zahawi, who is negotiating directly with Gulf-based IMI for the acquisition of the newspaper and The Spectator, has reportedly discussed the possibility of Johnson becoming the Telegraph’s global editor-in-chief with potential investors.
Johnson has a history with The Daily Telegraph, having previously worked as a Brussels correspondent and a highly paid columnist. A source close to the former PM stated that he still holds the newspaper in high regard. Last month, it was revealed that Zahawi had approached several billionaires to back his bid for the Telegraph and The Spectator, both of which are currently on the market.
Zahawi’s offer is said to be fully financed, although details of his backers and the likelihood of a successful bid are still unclear. A spokesperson for Johnson declined to comment, while Zahawi could not be reached for comment. The potential involvement of Johnson in the future of the Telegraph comes as RedBird IMI, the majority owner of the formal auction process, narrows down the number of bidders.
The auction has seen the withdrawal of media groups such as Mediahuis and Lord Rothermere, while Lord Saatchi, who had bid £350 million for the newspaper, accused RedBird IMI of overpaying for the title. Sir Paul Marshall, a hedge fund tycoon, is now believed to be the frontrunner to acquire The Spectator. Meanwhile, National World, headed by industry veteran David Montgomery, remains involved in the process.
The Telegraph has been in a state of uncertainty for over a year, after Lloyds Banking Group took control of its parent companies due to the Barclay family’s failure to repay debts. The family, which has owned the newspaper for nearly 20 years, has seen a number of its assets fall into financial trouble. The Barclays continue to control online retailer Very Group, with IMI providing financing to the business. Zahawi was recently appointed as chair of Very Group.
IMI is owned by Sheikh Mansour bin Zayed Al Nahyan, the deputy prime minister of the UAE and the ultimate owner of Manchester City Football Club. The Lloyds debt, amounting to over £1.15 billion, was repaid by RedBird IMI on behalf of the family. Despite the withdrawal of some bidders, sources close to the process have stated that there is still strong interest in the Telegraph at significantly higher prices than those offered by Lord Saatchi and Lady de Rothschild.
