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.

Money latest: Trump’s message to UK on energy bills

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.

Follow Sky News on WhatsApp

Keep up with all the latest news from the UK and around the world by following Sky News

Tap here

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.”

Read more from Sky News:
Energy price cap to fall by 7%
Taxpayer loss on RBS bailout revealed

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.”

British taxpayers are set to swallow a loss of just over £10bn on the 2008 rescue of Royal Bank of Scotland (RBS) as the government prepares to confirm that it has offloaded its last-remaining shares in the lender as soon as next week.

Sky News can reveal the ultimate cost to the UK of saving RBS – now NatWest Group – from insolvency is expected to come in at about £10.2bn once the proceeds of share sales, dividends and fees associated with the stake are aggregated.

The final bill will draw a line under one of the most notorious bank bailouts ever orchestrated, and comes nearly 17 years after the then chancellor, Lord Darling, conducted what RBS’s boss at the time, Fred Goodwin, labelled “a drive-by shooting”.

Money latest: Brits urged to leave energy price cap

Insiders believe a statement confirming the final shares have been sold could come in the latter part of next week, although there is a chance that timetable could be extended by a number of days.

The chancellor, Rachel Reeves, is likely to make a statement about the milestone, although insiders say the Treasury and the bank are keen to simply mark the occasion by thanking British taxpayers for their protracted support.

A stock exchange filing disclosing that taxpayers’ stake had fallen below 1% was made last week, down from over 80% in the years after the £45.5bn bailout.

The stake now stands at 0.26%, meaning the final shares could be offloaded as early as the middle of next week, depending upon demand.

Total proceeds from a government trading plan launched in 2021 to drip-feed NatWest stock into the market have so far reached £12.8bn.

Based on the bank’s current share price, the remaining shares should fetch in the region of £400m, taking the figure to £13.2bn.

In addition, institutional share sales and direct buybacks by NatWest of government-held stock have yielded a further £11.5bn.

Dividend payments to the Treasury during its ownership have totalled £4.9bn, while fees and other payments have generated another £5.6bn.

In aggregate, that means total proceeds from NatWest since 2008 are expected to hit £35.3bn.

Under Rick Haythornthwaite and Paul Thwaite, now the bank’s chairman and chief executive respectively, NatWest is now focused on driving growth across its business.

It recently tabled an £11bn bid to buy Santander UK, according to the Financial Times, although no talks are ongoing.

Mr Thwaite replaced Dame Alison Rose, who left amid the crisis sparked by the debanking scandal involving Nigel Farage, the Reform UK leader.

Sky News recently revealed that the bank and Mr Farage had reached an undisclosed settlement.

During the first five years of NatWest’s period in majority state ownership, the bank was run by Sir Stephen Hester, now the chairman of easyJet.

Sir Stephen stepped down amid tensions with the then chancellor, George Osborne, about how RBS – as it then was – should be run.

Read more from Sky News:
Energy price cap to fall by 7%
Telegraph £500m sale agreed ‘in principle’

Lloyds Banking Group was also in partial state ownership for years, although taxpayers reaped a net gain of about £900m from that period.

Other lenders nationalised during the crisis included Bradford & Bingley, the bulk of which was sold to Santander UK, and Northern Rock, part of which was sold to Virgin Money – which in turn has been acquired by Nationwide.

NatWest declined to comment on Friday, while the Treasury has been contacted for comment.

Households on the energy price cap will see a 7% reduction in their average annual payments from 1 July, the industry regulator has announced while urging households to seek out the “better deals out there”.

The default cap – which is reviewed every three months – will see a typical household using gas and electricity and paying by Direct Debit stump up an average annual £1,720, Ofgem said.

That is down from the current April-June figure of £1,849 and reflects a reduction in wholesale gas prices.

Money latest: How energy price cap dip will affect me

The lower cap, however, will be £152 higher than the same three-month period last year.

It does not affect the millions of households to have taken a time-limited fixed deal.

Nevertheless, it represents some relief for families grappling with the cost of living aftershock that saw many essential bills rise by well above the rate of inflation last month.

Ofgem also confirmed further bill savings through a £19 average cut, from July, in standing charges for households paying by both direct debit and prepayment, following an operating cost and debt allowances review.

The price cap does not limit total bills because householders still pay for the amount of energy they consume.

The watchdog’s announcements were made just days after fresh forecasts suggested that bills linked to the cap could come down further from both October and January, given recent wholesale market price trends.

Industry data specialist Cornwall Insight estimated on Friday that the price cap was currently on course to rise only slightly in October – by less than £1 a month.

Wholesale gas costs last winter had been relatively stable until a cold snap hit much of Europe in January and early February, driving up demand at a time of weaker stocks.

Other risk factors ahead include extended EU gas storage rules and global conflicts, not least the continuing Russia-Ukraine war that sparked the 2022 energy price spike and cost of living crisis in the first place.

Tim Jarvis, director general of markets at Ofgem, said: “A fall in the price cap will be welcome news for consumers, and reflects a reduction in the international price of wholesale gas. However, we’re acutely aware that prices remain high, and some continue to struggle with the cost of energy.

“The first thing I want to remind people is that you don’t have to pay the price cap – there are better deals out there, so it’s important to shop around, and talk to your existing supplier about the best deal they can offer you. And changing your payment method to direct debit or smart pay as you go can save you up to £136.”

Read more:
Economy must be ‘strong enough’ for U-turn on winter fuel payments

Ofgem said that a minority of homes, 35%, were on a fixed rate deal.

Price comparison sites lined up after the price cap announcement to urge households still on the default tariff to investigate a switch.

Tom Lyon, director at Compare the Market said: “If anyone is worried about potentially higher energy bills later this year, they could consider locking in a fixed rate deal now.

“Fixed rate deals also protect you from price hikes if the oil and gas markets are volatile. Beyond your energy bills, it’s important to search and compare other household bills, such as your car insurance, credit cards, or broadband, to see if you can make savings.”