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The Guardian - UK

Business

Mark Sweney

Barclay family expected to regain control of Telegraph temporarily

Barclay RedBird IMI Spectator UAE Lucy Frazer Barclays Ofcom

Copies of Daily Telegraph — On Wednesday, the Barclay family gave the government 48 hours’ notice that it would complete due diligence of the debt repayment deal. Photograph: Martin Godwin/The Guardian

The Barclay family is expected to close a deal on Friday to regain control of the Telegraph and Spectator temporarily, as part of plans that would ultimately put the titles under the control of a consortium backed by the United Arab Emirates.

The Barclays have engineered a two-stage deal to control the future ownership of the titles, which were seized by Lloyds bank in June after the family failed to repay £1.16bn in debts.

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