Todd Boehly, the Chelsea Football Club co-owner, and media tycoon David Montgomery, have stepped up talks about a joint bid for The Daily Telegraph which could bring an end to nearly two years of uncertainty about the newspaper’s ownership.
Sky News has learnt that Mr Boehly’s investment vehicle Eldridge Media Holdings and Mr Montgomery, the former Mirror newspapers boss, are in discussions about a deal that would involve combining the Telegraph titles and National World, the London-listed company founded by Mr Montgomery.
The talks remain tentative and are not certain to result in a formal offer for the Telegraph.
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Mr Boehly is said to have instructed bankers at Deutsche Numis to advise him on his interest in the newspapers.
He was reported to have met Mr Montgomery to discuss the Telegraph situation in January, although there has been little sign of any progress since then.
In a statement confirming Sky News’ report, National World said on Friday morning that it noted “recent speculation relating to an approach for the company from Eldridge Media Holdings, LLC”.
“The Company has received confirmation that EMH is considering making a proposal to acquire the entire issued and to be issued share capital the company but to date no details of any such proposal has been received by the National World board (including as to its possible terms, timing or process for implementation).”
Sources close to the process said the Boehly-Montgomery consortium was in talks with third-party backers about financing their Telegraph offer, but that any bid was likely to be below the £500m level at which the Abu Dhabi-based vehicle RedBird IMI would recoup its investment in an option to buy the Telegraph.
Mr Boehly and Mr Montgomery are not yet in exclusive talks with RedBird IMI’s advisers, the sources…
