An Abu Dhabi-backed fund has conceded defeat in its bid to buy The Daily Telegraph after its ownership was effectively blocked by the government.
RedBird IMI announced it had placed The Telegraph and The Spectator titles up for sale, declaring that its ownership was “no longer feasible”.
The move was confirmed after ministers revealed plans last month to outlaw foreign state ownership of UK newspapers.
The gulf state-backed fund had reached a deal with previous Telegraph owners the Barclay family, in December last year, to take control of the group by paying off debts owed to their bank, Lloyds.
But the move sparked investigations by the Competition and Markets Authority and the media regulator and culminated in the government pulling the plug through an amendment to the Digital Markets, Competition and Consumers Bill.
A statement read: “RedBird IMI has today confirmed that it intends to withdraw from its proposed acquisition of the Telegraph Media Group and proceed with a sale.
“We continue to believe this approach would have benefited the Telegraph and Spectator’s readers, their journalists and the UK media landscape more widely.
“Regrettably, it is clear this approach is no longer feasible.”
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Squatters have taken over a pub in London leased by Gordon Ramsay which is currently up for sale with a guide price of £13m.
The windows of the Grade II-listed York & Albany, near Regent’s Park, have been boarded up, while a notice taped to a door said the group had a right to occupy the venue.
Kitchen Nightmares host Ramsay called the police on Wednesday but was unable to have the squatters removed, it is understood.
The Metropolitan Police said in a statement they were made “aware of squatters at a disused property” but added: “This is a civil matter and so police did not attend the property.”
Image: Squatters have taken over a Gordon Ramsay pub. Pic: PA
Film director Gary Love bought the freehold of the former 19th century coaching inn and leased the pub to Ramsay on a 25-year term with an annual rent of £640,000.
Ramsay unsuccessfully attempted to free himself from the lease in a legal battle at the High Court in 2015 and the venue went on sale at the end of last year with a guide price of £13m.
Two people wearing masks and black tracksuits and carrying rucksacks and carrier bags were seen leaving the pub on Saturday morning.
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Image: A notice has been taped to a door. Pic: PA
A piece of paper taped to a door, which has been signed by “The Occupiers”, said : “Take notice that we occupy this property and at all times there is at least one person in occupation.
“That any entry or attempt to enter into these premises without our permission is therefore a criminal offence as any one of us who is in physical possession is opposed to such entry without our permission.
“That if you attempt to enter by violence or by threatening violence we will prosecute you.
“You may receive a sentence of up to six months’ imprisonment and/or a fine of up to £5,000.
“That if you want to get us out you will have to issue a claim for possession in the County Court or in the High Court.”
Another notice asked passers-by for “food and clothes donations or anything else you no longer want or need”.
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According to government guidance, squatters can apply to become the registered owners of a property if they have occupied it continuously for 10 years, acted as owners for the whole of that time and had not previously been given permission to live there by the owner.
A representative of Ramsay declined to comment when contacted by Sky News.
Angela Rayner has said she will not publish the “personal tax advice” she received on the sale of her council house despite a police development over her living arrangements.
Labour’s deputy leader told BBC Radio 4’s Today programme she was “confident” she had done “absolutely nothing wrong” with regards to the sale of her council house and whether she should have paid capital gains tax on it.
Ms Rayner said she had been “very clear on my advice that I’ve received” – but asked why she would not put that legal advice into the public domain, she said: “Because that’s my personal tax advice. But I’m happy to comply with the necessary authorities that want to see that.”
She went on to say that while she was willing to hand over the information to the police and HMRC, “I’m not going to put out all of my personal details for the last 15 years about my family”.
Ms Rayner’s refusal to publish her tax advice came after Greater Manchester Police confirmed it was “reassessing” its initial decision not to investigate allegations made about her living arrangements after receiving a complaint.
The Labour MP has come under the spotlight in recent weeks over the sale of an ex-council house she previously owned in Stockport, having been accused of avoiding capital gains tax – something she has denied.
But Ms Rayner has also faced scrutiny over claims that in 2010, she may have lived primarily at her then husband’s address, despite registering to vote under her own – which could be a breach of electoral rules.
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She told journalists earlier this month that there was “never a question of deceitfulness” or “conspiracy” with regards to her living arrangements, as she outlined her “difficult” family situation at the time.
But Tory MP James Daly asked police to investigate whether she had given false information or broken election rules.
Initially, Greater Manchester Police looked into the claims and said there was no evidence of an offence being committed.
However, in a fresh statement released on Wednesday, a spokesperson for the force said: “We have received a complaint regarding our decision not to investigate an allegation and are in the process of reassessing this decision.
“The complainant will be updated with the outcome of the reassessment in due course.”
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Royal Mail has revealed new stamps for Christmas 2023 – and shared the best dates for posting your cards to make sure they get delivered on time.
This year’s batch of festive stamps contains images inspired by the themes of Christmas carols and feature lyrics from O Holy Night, O Little Town Of Bethlehem, Silent Night, Away In A Manger and We Three Kings.
The festive stamps are the first to feature the silhouette of the King, with last year’s still adorned with that of Queen Elizabeth II.
Royal Mail’s new stamps also allow customers to watch a Christmas-themed video created by the award-winning Aardman animation studio.
The embedded video – accessed via the barcodes on the stamps – shows Shaun the Sheep and his friends sending some festive cheer to the farmer’s dog.
Image: Royal Mail’s five new Christmas stamps
The first Christmas stamps, issued in December 1966, were the result of a children’s art competition announced by the then postmaster general Tony Benn.
David Gold, Royal Mail’s director of external affairs and policy, said: “For many, the launch of the annual Christmas stamps is the signal to begin writing those Christmas cards.
“The charming style of these designs, which were inspired by the carols that are so familiar to us all, set the perfect tone for the festive season.”
The stamp designs were created exclusively for Royal Mail by illustrator Tom Duxbury – a specialist in the medium of woodblock printing – to depict both vintage and modern scenes.
Mr Duxbury has worked on book covers including Philip Pullman’s Serpentine and The Collectors and Sarah Ridgard’s Seldom Seen.
He said: “‘It’s been a privilege to illustrate the first set of Christmas stamps to bear the silhouette of His Majesty King Charles III. The theme of nativity became a chance to create rich, luminous nightscapes.
“They echo my own experiences of being out in nature at night – especially the moors where I live.
“This time and place holds a special kind of feeling; that of stillness, softness, and magic.”
Image: Royal Mail’s ‘Silent Night’ Christmas stamp
Royal Mail is also encouraging customers to order online gifts and shopping well in advance and to post their festive greetings early in order to help its staff deliver bumper festive mailbags.
Its latest recommended posting dates for mail to arrive in time for Christmas are 18 December for second class, 19 December for first class and 22 December for special delivery guaranteed.
The giant American financial investor Carlyle is in talks about a major investment in Manchester United Football Club as the auction of the Premier League side nears its concluding stages.
Sky News has learnt that Carlyle is among a handful of parties which have pitched proposals to acquire a minority stake in the Old Trafford outfit.
Carlyle, which has assets of more than $370bn (£298bn) under management, ranks among the world’s largest private equity firms.
In the UK, it has owned companies including the RAC breakdown recovery service, and Addison Lee, the taxi-hire group.
One source close to the situation said this weekend that Carlyle’s interest in Manchester United was “serious”, adding that it had been engaged in discussions for some time.
Nevertheless, key details of Carlyle’s proposal, including the amount of capital it would look to deploy and the structure of a deal, have yet to be finalised.
Carlyle declined to comment.
More on Manchester United
Deadline set for final proposals
Carlyle’s interest has emerged a fortnight before a deadline set by Raine Group, the advisers handling the sale process, for final proposals to acquire or invest in Manchester United.
Sky News exclusively revealed last November the Glazer family’s plan to explore a strategic review of the club its members have controlled since 2005, kicking off a five-month battle to buy it.
Since then, dozens of parties have been rumoured or reported to have shown an interest, although few have emerged as genuinely credible bidders.
A bid deadline of 28 April has been set by The Raine Group, the merchant bank handling the sale, and which oversaw last year’s £2.5bn takeover of Chelsea by a consortium led by Todd Boehly and Clearlake Capital.
The culmination of the process comes as United chase trophies in both the FA Cup, with a semi-final against Brighton and Hove Albion next weekend and the second leg of a Europa League quarter-final against Sevilla to come, with the tie finely poised at 2-2.
In February, the Red Devils’ 2-0 defeat of Newcastle United in the Carabao Cup final landed their first trophy for six years.
Image: The Red Devils are aiming to finish in the top four of the Premier League this season
Who’s in contention?
The two parties which remain in contention to buy out the Glazers altogether are Sheikh Jassim bin Hamad al-Thani, a Qatari businessman who chairs the Gulf state’s Qatar Islamic Bank; and Ineos Sports, part of the petrochemicals group owned by Sir Jim Ratcliffe.
Both have reportedly tabled offers below a £6bn figure, which has been speculatively touted as the Glazers’ asking price for the club they bought in 2005 for less than £800m.
In addition, several financial investors have shown interest in becoming minority shareholders or providing some form of structured finance to the club to allow it to revamp the ageing infrastructure of its Old Trafford home and Carrington training ground.
Those which have lodged minority investment proposals with Raine include Elliott Management, the American hedge fund which until recently owned AC Milan; Ares Management Corporation, a US-based alternative investment group; and Sixth Street, which recently bought a 25% stake in the long-term La Liga broadcasting rights to FC Barcelona.
At a valuation of £5bn – below the Glazers’ rumoured asking price – a sale of Manchester United would become the biggest sports club deal in history.
It would eclipse even the $6bn (£4.8bn) takeover of the Washington Commanders NFL team agreed this week by Josh Harris, an American private equity billionaire.
Part of the lure of such a valuation resides in potential future control of the club’s lucrative broadcast rights, according to bankers, alongside a belief that arguably the world’s most famous sports brand can be commercially exploited more effectively.
On Friday, New York-listed shares in Manchester United closed down nearly 5% at $22.02, giving the club a market valuation of close to $3.8bn (£3.1bn).
Image: Fans have long demanded the Glazers sell up
Glazers told to sell ‘without further delay’
This week, Manchester United’s largest fans’ group, the Manchester United Supporters Trust (MUST), called for the conclusion of the auction “without further delay”.
“When it was announced in November that the Glazers were undertaking a ‘strategic review’ and inviting offers to buy the club, MUST welcomed the news and went on to urge the majority owners to move ahead with the process with speed, so that any period of uncertainty was as short as possible, it said in a statement.
“Nearly five months on, we read speculation that offers from prospective buyers remain below the Glazers valuation, and that a third round of offers will now be invited.
“With Erik ten Hag having made such great progress in his first season, and with the vital summer transfer window a matter of weeks away, the news of these delays and further prolonged uncertainty are of great concern.”
The Glazers’ 18-year tenure has been dogged by controversy and protests, with the lack of a Premier League title since Sir Alex Ferguson’s retirement as manager in 2013 fuelling fans’ anger at the debt-fuelled nature of their takeover.
Fury at its participation in the ill-fated European Super League crystallised supporters’ desire for new owners to replace the Glazers, although a sale to state-affiliated Middle Eastern investors would – like Newcastle United’s Saudi-led takeover – not be without controversy.
Confirming the launch of the strategic review in November, United’s executive co-chairmen, Avram Glazer and Joel Glazer, said: “The strength of Manchester United rests on the passion and loyalty of our global community of 1.1bn fans and followers.
“We will evaluate all options to ensure that we best serve our fans and that Manchester United maximizes the significant growth opportunities available to the club today and in the future.”
The Glazers listed a minority stake in the company in New York in 2012 but retained overwhelming control through a dual-class share structure, which means they hold almost all voting rights.
For the last two years, the club has been promising to introduce a modestly sized supporter ownership scheme that would give fans shares with the same structure of voting rights as the Glazers.
The initiative has, however, yet to be launched despite a pledge to have it operational by the start of the 2021-22 season.
“Love United, Hate Glazers” has become a familiar refrain during their tenure, with supporters critical of a perceived lack of investment in the club, even as the owners have taken huge dividends as a result of its continued commercial success.
Manchester United co-owner Avram Glazer has spoken for the first time since announcing the club could be for sale.
Sky News tracked him down near his home in West Palm Beach, Florida, and he spoke of finding “strategic alternatives” for the club and also responded to criticism by Cristiano Ronaldo.
He did not answer when asked why he was now considering selling, saying only that “the board went through a process” and decided now was the time to explore their options.
The club on Wednesday confirmed a Sky News exclusive that it was starting a review designed to boost the club’s success – which included looking at a potential sale.
Many Manchester United fans have long campaigned against the club’s American owners and accused them of a lack of investment and saddling the club with too much debt.
The club’s facilities, manager Erik ten Hag and the attitude of the Glazers were also criticised by Cristiano Ronaldo in a recent interview with Piers Morgan.
The Glazers were reportedly furious at the remarks and Ronaldo this week left United immediately by mutual consent.
More on Manchester United
Image: Ronaldo said the Glazers don’t care and view Man Utd as a ‘marketing club’
But Avram Glazer refused to be drawn on the striker’s claim – echoed by many fans – that his family “don’t care about the club”.
He told Sky News: “Well, I’ll tell you about Cristiano Ronaldo – he’s a great Manchester United player, I appreciate everything he’s done for the club and I wish him the best luck in the future.”
Mr Glazer then blanked a question on why the Portuguese player had to leave the club and walked away into a restaurant.
Jaded fans of Manchester United will be hopeful better days could be around the corner after years of underachievement since Sir Alex Ferguson retired in 2013.
However, the Glazers ending their 17-year ownership is not guaranteed.
A partial sale to new investors, with money being raised to redevelopment Old Trafford, is one potential outcome, says Sky’s City editor Mark Kleinman.
If the Glazers do pull out of the club entirely, potential buyers include British billionaire Sir Jim Ratcliffe, a Manchester-born fan of the club.
Read more: How ‘scavenger’ Glazers left Old Trafford ‘rusting’ and in a ‘mess’
Image: United fans have complained that Old Trafford is badly in need of modernisation. Pic: AP
He said in the summer he would be interested if the club was up for sale, but in October revealed he’d met the Glazers and they “don’t want to sell”.
Billionaires from around the world would also likely be linked to bids, as would sovereign investors hoping to emulate the takeover at Newcastle United – now owned by Saudi state-backed investors.
Manchester United’s review comes a few weeks after Liverpool’s US owners said they were also open to offers and already had interest from groups looking to buy shares.
