LONDON: The UAE was supporting the Barclay family financially in its efforts to regain control of the Telegraph Media Group, the parent company of the Daily and Sunday Telegraph, UK daily The Guardian reported on Sunday.
The family had surrendered ownership of the group in June over debt problems at the influential UK newspaper organization.
However, sources claimed that the Barclays had secured investment from “anonymous backers based in Abu Dhabi” and had subsequently put forward an offer to repurchase £1 billion of debt that the group owed Lloyds Banking Group.
Other media moguls reportedly eying a bid included Lord Rothermere, the owner of the Daily Mail, and regional newspaper business National World’s David Montgomery.
