\n<\/p>\n
The owner of the politically right-leaning New York Sun has emerged as the favourite to acquire the Daily and Sunday Telegraph ahead of Friday\u2019s deadline for bids.<\/p>\n
Though a late entrant to the auction British-born Dovid Efune’s BID is considered by several parties as the potential new frontrunner.<\/p>\n
He is thought able to offer a competitive bid of around \u00a3550m while not attracting the political and regulatory objections that saw a bid backed by the United Arab Emirates ruling family blocked by the government.<\/p>\n
Mr Efune is one of only two bidders to have attended senior management presentations at the Telegraph.<\/p>\n<\/div>\n
They have broadly welcomed the prospect of his ownership while conceding that \u201cnone of the bidders are perfect\u201d.<\/p>\n
If the bid is successful it could provide a link between the Telegraph and its former owner Conrad Black. <\/p>\n
Lord Black, who is a regular contributor to the New York Sun, was convicted of fraud and obstructing justice in 2007 and jailed for more than three years, but was pardoned in 2019 by Donald Trump when he was US President.<\/p>\n
There are several other bidders who remain in the hunt for one of Britain\u2019s most influential and profitable daily newspapers and its Sunday sister publication.<\/p>\n
Hedge fund tycoon Sir Paul Marshall recently acquired the Spectator for \u00a3100m<\/a> and appointed former Conservative minister Michael Gove as the new editor<\/a>. <\/p>\n Backed by funds from fellow hedge fund boss Ken Griffin, some have speculated that Sir Paul wants to add to a growing right-leaning media empire that includes GB News. <\/p>\n However, sources close to the deal suggest that the bid may be losing momentum.<\/p>\n National World, which owns regional titles including the Scotsman and the Yorkshire Post, is also in the running and its owner, David Montgomery, was the other bidder to attend a presentation by the current Telegraph management. <\/p>\n Attendees were reportedly underwhelmed by his plans for the group \u2013 perhaps unsurprising given his track record of cutting jobs at other titles.<\/p>\n One attendee described his ideas for the Telegraph\u2019s future as \u201cdated\u201d and \u201ca bit like dad dancing \u2013 he doesn\u2019t understand modern media\u201d.<\/p>\n Lord Rothermere, the controlling shareholder of the Daily Mail, is thought to have refreshed interest in the auction having previously walked away citing inevitable competition objections from regulators and a new Labour government.<\/p>\n