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The Guardian - UK

Business

Mark Sweney

Telegraph sale poised to go ahead after Lords foreign ownership vote

RedBird Capital RedBird House of Lords

The Daily Telegraph being posted through letterbox of front door — The Telegraph takeover will still face regulatory hurdles. Photograph: Chris Batson/Alamy

The sale of the Telegraph looks set to finally go through after government legislation to allow foreign states to own up to 15% in British newspapers survived a potentially fatal vote in the House of Lords.

Gerry Cardinale’s RedBird Capital is leading a consortium looking to buy the Telegraph for £500m, in a deal that would result in the United Arab Emirates retaining a stake of 15%.

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