Latest news with #RedBirdCapital
Telegraph
5 hours ago
- Business
- Telegraph
Former cabinet minister Zahawi pulls out of ‘British bid' for The Telegraph
The former Conservative cabinet minister Nadhim Zahawi has pulled out of the 'British bid' for The Telegraph led by the publisher Dovid Efune. The decision on Saturday leaves Mr Efune with an even steeper challenge as he attempts to gatecrash the planned takeover by the US private equity firm RedBird Capital. Mr Zahawi, his family and friends accounted for £60m of the £170m of equity it is understood had been committed to the bid. Even before losing the support, the consortium may have needed to raise a further £200m from shareholders to deliver the £550m bid he made alongside Mr Zahawi and the hedge fund manager Jeremy Hosking. Mr Efune has planned to complete the offer with borrowing against The Telegraph's profits. The approach has been rejected by IMI, the United Arab Emirates state media company. It is selling The Telegraph after its own attempt to take control was blocked last year following an outcry over press freedom. That bid was made by a joint venture, RedBird IMI, in which RedBird was the junior partner having provided 25pc of the funding. Now the US private equity firm led by its founder Gerry Cardinale is in line to become the controlling shareholder in The Telegraph in a £500m deal. He has signalled ambitious growth and investment plans to deliver a 'global counterpunch to The New York Times' from the centre-Right of the political spectrum. Mr Cardinale is also in talks with at least three potential British minority co-investors, who include the owner of The Daily Mail, Lord Rothermere. After a proposed easing of the outright ban on foreign state shareholdings in newspapers, IMI is expected to retain a passive stake of up to 15pc. With longstanding business and political links to the UAE, it is understood that Mr Zahawi pulled out after becoming concerned at Mr Efune's handling of the bid. In recent days the publisher of the New York Sun website has sought to cast his approach as more British than RedBird's and sought to cast doubt on its sources of funding and ability to run The Telegraph successfully. IMI has come out in public support of Mr Cardinale's bid, however, and it has been unclear how Mr Efune expects to disrupt their agreement in principle. Mr Cardinale has said none of RedBird's funding for the deal is drawn from sovereign wealth. Mr Zahawi, who was Covid vaccines minister and briefly Chancellor, has played a significant role in the two-year saga over the ownership of The Telegraph. A friend of both the Barclay family, the previous owners, and senior figures in the UAE, he was part of setting up a complex debt repayment deal that was intended to deliver the company into the hands of RedBird IMI. It included a £600m linked to the Barclay family's online shopping business Very, which saw Mr Zahawi become chairman. Despite the failure of RedBird IMI's takeover of The Telegraph, he has persistently sought a role in its future. In recent months he has sought to put together a new bid that would help the UAE recoup its outlay. It is understood Mr Cardinale does not intend to involve Mr Zahawi. Mr Efune was unavailable for comment. In his most recent statements on the bid he said was confident he would be able to announce more investors soon. Mr Zahawi declined to comment.
Yahoo
5 hours ago
- Business
- Yahoo
Former cabinet minister Zahawi pulls out of ‘British bid' for The Telegraph
The former Conservative cabinet minister Nadhim Zahawi has pulled out of the 'British bid' for The Telegraph led by the publisher Dovid Efune. The decision on Saturday leaves Mr Efune with an even steeper challenge as he attempts to gatecrash the planned takeover by the US private equity firm RedBird Capital. Mr Zahawi, his family and friends accounted for £60m of the £170m of equity it is understood had been committed to the bid. Even before losing the support, the consortium may have needed to raise a further £200m from shareholders to deliver the £550m bid he made alongside Mr Zahawi and the hedge fund manager Jeremy Hosking. Mr Efune has planned to complete the offer with borrowing against The Telegraph's profits. The approach has been rejected by IMI, the United Arab Emirates state media company. It is selling The Telegraph after its own attempt to take control was blocked last year following an outcry over press freedom. That bid was made by a joint venture, RedBird IMI, in which RedBird was the junior partner having provided 25pc of the funding. Now the US private equity firm led by its founder Gerry Cardinale is in line to become the controlling shareholder in The Telegraph in a £500m deal. He has signalled ambitious growth and investment plans to deliver a 'global counterpunch to The New York Times' from the centre-Right of the political spectrum. Mr Cardinale is also in talks with at least three potential British minority co-investors, who include the owner of The Daily Mail, Lord Rothermere. After a proposed easing of the outright ban on foreign state shareholdings in newspapers, IMI is expected to retain a passive stake of up to 15pc. With longstanding business and political links to the UAE, it is understood that Mr Zahawi pulled out after becoming concerned at Mr Efune's handling of the bid. In recent days the publisher of the New York Sun website has sought to cast his approach as more British than RedBird's and sought to cast doubt on its sources of funding and ability to run The Telegraph successfully. IMI has come out in public support of Mr Cardinale's bid, however, and it has been unclear how Mr Efune expects to disrupt their agreement in principle. Mr Cardinale has said none of RedBird's funding for the deal is drawn from sovereign wealth. Mr Zahawi, who was Covid vaccines minister and briefly Chancellor, has played a significant role in the two-year saga over the ownership of The Telegraph. A friend of both the Barclay family, the previous owners, and senior figures in the UAE, he was part of setting up a complex debt repayment deal that was intended to deliver the company into the hands of RedBird IMI. It included a £600m linked to the Barclay family's online shopping business Very, which saw Mr Zahawi become chairman. Despite the failure of RedBird IMI's takeover of The Telegraph, he has persistently sought a role in its future. In recent months he has sought to put together a new bid that would help the UAE recoup its outlay. It is understood Mr Cardinale does not intend to involve Mr Zahawi. Mr Efune was unavailable for comment. In his most recent statements on the bid he said was confident he would be able to announce more investors soon. Mr Zahawi declined to comment. Errore nel recupero dei dati Effettua l'accesso per consultare il tuo portafoglio Errore nel recupero dei dati Errore nel recupero dei dati Errore nel recupero dei dati Errore nel recupero dei dati
New York Times
a day ago
- Business
- New York Times
Massimiliano Allegri returns to Milan to replace Sergio Conceicao as head coach
Massimiliano Allegri has returned to Milan to replace Sergio Conceicao as head coach. Former Porto head coach Conceicao was sacked after just five months in charge on Thursday following a disappointing eighth place finish in Serie A that saw the club miss out on European qualification for 2025-26. Allegri has been out of work since being sacked by Juventus in May 2024. Advertisement In response to the club's disappointing season, Milan fans staged a remarkable protest against the club's American ownership ahead of their final Serie A match of the season against Monza earlier this month. Around 5,000 ultras gathered outside the club's Casa Milan headquarters before marching to San Siro. They lined up in the stands to spell out 'Go Home' in the Curva Sud, with chants demanding RedBird Capital's Gerry Cardinale sell his stake in the club and leave. Allegri's arrival follows the appointment of former Serie A striker Igli Tare as the club's new sporting director, a role the Albanian previously held at Lazio. Allegri has spent his entire managerial career, which spans over two decades, in his native Italy. His first senior job was with Aglianese and then moved to Sassuolo, before getting his first opportunity at coaching a Serie A team with Cagliari in 2008. The 57-year-old then spent previously three-and-a-half seasons with Milan between 2010 and January 2014. Allegri won the Serie A title in his first season at San Siro in 2010-11, the club's first Scudetto in seven years, and the Supercoppa Italiana the following season, but finished 2012-13 trophyless, and he left the club in January the following season. He was then appointed Juventus head coach in the summer of 2014, replacing Antonio Conte, and winning the Italian top-flight in each of his five seasons in charge between 2014-15 and 2018-19, while also reaching the Champions League final in 2015 and 2017. Juventus also won four Coppa Italia crowns and two Supercoppa Italiana trophies during this spell. Allegri's second spell in Turin did not bring the same level of success, with his three seasons in charge yielding just the Coppa Italia in his final campaign. Conceicao had a bright start to life in Milan, guiding his side to a 3-2 victory over rivals Inter in the Supercoppa in January however, the following month, they were eliminated from the Champions League at the play-off stage by Feyenoord. Milan parted ways with Scudetto-winning head coach Stefano Piolo in the summer of 2024 and then sacked his successor Paulo Fonseca in December of that year, with Conceicao his replacement.
Yahoo
a day ago
- Business
- Yahoo
Chaos at San Siro: Milan sack Conceicao after European miss, Allegri return looms
AC Milan have parted company with manager Sergio Conceicao after just half a season in charge. The 50-year-old replaced Paulo Fonseca in December. He had lasted only six months in the role. Conceicao's dismissal comes after Milan finished eighth in Serie A, missing out on European qualification for the 2025-26 season. Advertisement His tenure began with promise, notably lifting the Supercoppa Italiana after a dramatic 3-2 win over Inter Milan in January. However, results quickly unravelled. Milan were knocked out of the Champions League play-off round by Feyenoord the following month, and fell short in the Coppa Italia final, losing to Bologna. The club confirmed his departure with a brief statement thanking Conceicao and his staff for their efforts and professionalism. They also acknowledged his role in delivering Milan's 50th major trophy, but the achievement was not enough to secure his long-term future. Conceicao had previously enjoyed significant success at Porto, winning 11 trophies in six years, but was unable to replicate that consistency in Italy. Advertisement His sacking continues a turbulent period at Milan, who also dismissed Scudetto-winning coach Stefano Pioli last summer. RedBird Capital's ownership has come under intense scrutiny from supporters during this chaotic spell. Before their final Serie A match of the season, thousands of Milan ultras marched from Casa Milan to San Siro in protest. Fans unveiled banners and spelt out the words 'go home' in the Curva Sud, demanding that owner Gerry Cardinale sell his stake in the club. There were also chants in support of former captain Paolo Maldini, sacked as a director last year, and the late Silvio Berlusconi, who oversaw the club's golden era. Advertisement The unrest off the pitch has mirrored the instability on it. Since winning the Serie A title in 2022, Milan have lifted just one trophy – this season's Supercoppa – in three years. Massimiliano Allegri, recently dismissed by Juventus, could return to the San Siro. Meanwhile, the club have appointed ex-Lazio sporting director Igli Tare to help steer a new course. Conceicao departs with only six wins in his final 17 league matches, leaving Milan at a crossroads once again.
Telegraph
2 days ago
- Business
- Telegraph
‘British bid' to gatecrash Telegraph takeover is rejected
An 11th-hour attempt to gatecrash the sale of The Telegraph with a 'British bid' has been formally rejected. Dovid Efune, the publisher of The New York Sun, has been notified that his latest approach, which includes funding from the hedge fund manager Jeremy Hosking, has been rejected by IMI. It valued the Telegraph at £550m but had only £170m of committed equity and required a level of borrowing that lenders would be unlikely to support, sources said. Mr Efune has said he expects to reveal more backers soon. He has been pursuing control of The Telegraph for a year. He emerged from an auction in October as the preferred bidder but subsequently struggled to raise finance. In a development that creates more potential obstacles for Mr Efune, the firm appointed by IMI to run the auction, Robey Warshaw, has stopped work on it. Sources said the investment bankers expect the rival bid by RedBird Capital to proceed. The US private equity firm has reached an agreement in principle to acquire majority ownership of The Telegraph from IMI, the United Arab Emirates state media company. The deal values the company at £500m. Together, as the joint venture RedBird IMI, the pair were blocked from taking full control last year following an outcry over press freedom. It would have handed the UAE a 75pc stake. Mr Efune said he is undeterred by the latest action. He told The Telegraph: 'Our British bid is strong with upward momentum. 'We expect to announce new funding partners in the near future. We're more confident than ever that what we have to offer is a favourable pathway for the sellers, The Telegraph and journalism writ large.' The British-born entrepreneur acquired The New York Sun in 2021 after running The Algemeiner, a newspaper for the Hasidic Jewish community. He is casting his bid for The Telegraph alongside Mr Hosking and Nadhim Zahawi, the former Conservative cabinet minister, as the 'British bid' in contrast to RedBird's American roots. However, Gerry Cardinale, RedBird's founder, is in talks with at least three potential British minority co-investors, including Lord Rothermere, the owner of the Daily Mail. Following proposed changes to the law banning foreign state ownership of newspapers, IMI is expected to retain a passive stake in The Telegraph of up to 15pc. Mr Efune's chances of disrupting the transaction have appeared to be fading. This week on his X account, he appeared to seek divine intervention by posting 'stand still and see the salvation of the Lord', a quote from Exodus typically interpreted as an appeal to trust in God. The bid's remaining earthly hopes may rest on Mr Efune's efforts to stoke political opposition to RedBird and to Labour's proposed legal changes. His consortium appears further to the Right and more ideological than RedBird's, and has been seeking to exploit a Conservative split over the laws on foreign state ownership of newspapers. Tory leaders have said they will not oppose a 15pc limit but some of the party's peers intend to support a Liberal Democrat 'fatal motion' in the House of Lords. It is unclear how such opposition would deliver The Telegraph to Mr Efune's 'British bid'. Mr Cardinale has told senior managers at the newspaper that he is anxious to complete his takeover as soon as possible to end two years of ownership uncertainty and launch an ambitious growth and investment strategy. Once a deal emerges, a smooth regulatory process could mean The Telegraph is under RedBird's control by September. It would join a portfolio of media and sport assets that includes AC Milan, a significant stake in Liverpool FC and a film studio co-founded with Ben Affleck and Matt Damon. RedBird is also backing the planned $12bn (£8.9bn) takeover of the Hollywood giant Paramount, the owner of CBS in the United States and Channel 5 in Britain. If the Culture Secretary Lisa Nandy refers The Telegraph deal to the Competition and Markets Authority for a full investigation of competition and plurality concerns, the timeline would be extended by several months. She could also impose legal restrictions on Mr Cardinale's ability to work with Telegraph management in the meantime.
