Thwarted Telegraph suitor Efune says 'British bid is best'
The British-born newspaper-owner whose takeover of The Daily Telegraph appears to have been thwarted by a £500m deal with RedBird Capital Partners has called on the title's stakeholders to rally behind his bid instead.
In an opinion piece to be published later on Friday, Dovid Efune, publisher of The New York Sun, will say that his offer is "now within sight of the finish line, with the bulk of the needed funding committed".
Mr Efune has been assembling a bid for the right-leaning newspapers for months, with a series of funding options having been explored.
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He now has backing from Nadhim Zahawi, the former Conservative Cabinet minister whose interest in the Telegraph was revealed last year by Sky News, and Jeremy Hosking, a prominent and wealthy City investor.
In his opinion piece, Mr Efune described the Telegraph as a "crown jewel", adding that British journalism was the envy of the world.
"It is no coincidence that a meaningful portion of America's largest newsrooms are run by British journalists," he wrote in a piece shared exclusively with Sky News.
"These include the Wall Street Journal, the Washington Post and CNN.
"You might say that journalists, editors and journalism writ large are among Britain's greatest exports."
Referring to the Barclay family, which owned the Telegraph for about two decades, Mr Efune said the newspapers had "functioned as something of a piggy bank for its previous owners, and as a useful form of real estate collateral".
"The Telegraph's achievements and advancements despite these handicaps are impressive. But it deserves better," he wrote.
Mr Efune said the £500m RedBird takeover - which is likely to involve minority ownership stakes for Abu Dhabi state-backed IMI and Lord Rothermere, the Daily Mail proprietor - had "significant hurdles to overcome".
"Since The Telegraph first came on the market I've dedicated much time and resources to finding a solution," he said.
"Some details of these efforts have become public. Much has not.
"In particular, I've sought to recruit the best-suited investor group to step into the fray.
"That means fully aligned partners, committed to the work of unlocking The Telegraph's significant potential."
He described the process as "a turbulent undertaking" which had "faced unwelcome interference along the way".
"Our group is unique in that, firstly, it is distinctly British, with, as of this moment, the leadership and vast majority of funders being British citizens.
"I, for one, was born in Manchester and raised in Brighton.
"My family owes a great debt of gratitude to this country.
"My grandmother was saved by Britain's grace and welcome at the age of nine, fleeing Nazi Germany on the Kindertransport."
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Mr Efune said his family had made a significant contribution to the UK, with his grandfather, Peter Kalms, helping to build the electrical goods retailer Dixons into a household name.
"My great uncle Michael was killed as a tail-gunner in a Lancaster Bomber over Germany.
Mr Efune described his backers as "accomplished British patriots who care deeply about The Telegraph's future".
"Our acquisition group is also distinctly devoted to journalism," he wrote.
"We don't come with a team of financial engineers or restructuring gurus.
"We're seasoned and committed newspaper builders, and have a detailed and clear vision for The Telegraph's growth. We will pursue it vigorously.
"This includes specific and in some cases significant improvement strategies on the nuts and bolts of each of the primary revenue pillars of the business.
"In our view, the oft-heard moniker "Torygraph" far undersells this opportunity.
"In its soul, the paper that braved the Blitz and trumpeted the wartime speeches of Churchill bears a far higher calling.
"It is independent, pugnacious, meticulous, unapologetic and free.
"It is the journalistic bulwark of Western civilisation and a living reminder of Britain's great gifts to humanity.
Mr Efune added that in a world characterised by turbulent geopolitics, "the need for The Telegraph's elevation couldn't be greater".
"Many beacons of the Western press have dimmed, and we are all poorer as a result.
"The Telegraph's time is now. Its horizons are endless.
"We're confident our British group represents the best custodianship of this national treasure by some distance."
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