A Conservative MP is urging ministers to extend a probe into the prospective takeover of The Daily Telegraph, warning that the Abu Dhabi-backed vehicle which wants to acquire it may already be exerting “material influence” over the newspaper.
Sky News has learned that Neil O’Brien, a former health minister who sits on the Tory backbenches, wants the culture secretary to issue a public interest intervention notice (PIIN) which encompasses RedBird IMI’s repayment of a £1.2bn debt to Lloyds Banking Group on behalf of the Barclay family.
Mr O’Brien said that while Lucy Frazer had been right to issue a PIIN focused on the conversion of that debt into ownership of the Telegraph newspapers, she should go further by also subjecting the debt repayment to scrutiny from Ofcom and the Competition and Markets Authority.
This would, he said, be the only way to ensure that RedBird IMI could not challenge any subsequent action that the government may wish to take in relation to the deal.
“It is clear that the Secretary of State is carefully considering the important issues around press freedom and national security raised by this deal,” he said.
“I am, however, deeply concerned by recent reporting that RedBird IMI told the Telegraph’s independent directors that it will determine the future ownership of the paper, even if their bid is blocked.
“This raises worrying questions about the level of material influence RedBird IMI, and therefore a foreign power, already holds over the paper through the debt arrangements currently in place, as well as the control they will still be able to exert even if the bid is blocked.
“It is vital that the government retains control over the process and its ability to protect the free press in this country.
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“In light of these new developments, I think it’s crucial that the Secretary of State uses her powers to scrutinise this complicated deal by issuing a separate PIIN into the initial purchase of the debt.
Image: Lucy Frazer is being urged to broaden the inquiries she has ordered. Pic: PA
“Doing so will give myself, parliamentary colleagues, Telegraph readers, and staff, full confidence in this process.”
Mr O’Brien’s comments come just two days before a deadline imposed by Ms Frazer for Ofcom and the CMA to submit their preliminary findings to her department.
Image: Neil O’Brien is pictured during an appearance on Sky News last year
Many observers expect that the debt-for-equity swap will be referred by the CMA to a more in-depth Phase-II investigation that could leave the Telegraph’s future mired in uncertainty for months.
Sky News revealed recently that the Telegraph’s parent company’s independent directors had been notified by RedBird IMI that it intended to determine the titles’ future ownership even in the event that it is prevented from taking control of its shares.
The Gulf-based investor – a joint venture between RedBird of the US and Abu Dhabi-based IMI – had been keen to dispel the idea that either the independent directors or the Barclay family, the newspaper’s beneficial owners, would oversee any future auction.
Because RedBird IMI also owns a call option which can be exercised in exchange for ownership of the media assets, it believes it would be “in total control” of any process should the government block the acquisition, a source told Sky News earlier this month.
“In such an eventuality, RedBird IMI would be free to sell the loan and call option to whoever they wished,” they added.
Scores of MPs and peers have lined up to oppose the takeover, arguing that the UAE has a poor record of upholding journalists’ ability to report impartially.
A string of prominent Telegraph writers, as well as the editor of The Spectator – which also forms part of the transaction but is not subject to the PIIN – have complained publicly about the prospect of the Abu Dhabi-backed vehicle gaining control of influential British media assets.
However, RedBird IMI – whose bid is spearheaded by Jeff Zucker, the former CNN president – remains confident that the editorial protections that it has submitted to Ofcom will address any concerns and pave the way for the deal to be approved.
Under the terms of the PIIN issued by Ms Frazer, RedBird IMI is prohibited from exerting any influence over the titles while investigations by the competition and media regulators are ongoing.
That includes the removal of key executives and editorial staff or any attempt to merge the Telegraph with other assets.
However, Cormac O’Shea, the Telegraph finance chief, has since stepped down, and there is mounting speculation that Nick Hugh, the newspapers’ chief executive, is about to follow suit.
The Telegraph’s holding company was forced into receivership by Lloyds Banking Group last year, following a long-running dispute over the repayment of a £1.16bn debt.
The loans and interest were repaid in December after the Barclay family structured a deal with RedBird IMI, which is majority-owned by Sheikh Mansour bin Zayed Al Nahyan, the ultimate owner of Manchester City Football Club.
The Times reported last month that TMG’s independent directors had alerted Whitehall to possible irregularities in the accounts of the family’s media assets, with the National Crime Agency reportedly informed.
RedBird IMI’s move to fund the loan redemption circumvented an auction of the Telegraph, which drew interest from a range of bidders.
The hedge fund billionaire and GB News shareholder Sir Paul Marshall, Daily Mail proprietor Lord Rothermere and National World, a London-listed local newspaper publisher, had all hired advisers to assemble offers for the newspapers.
Who is the man behind the record-breaking multi-million pound donation to Reform UK?
Christopher Harborne gave Nigel Farage‘s party £9m in August, according to new data published by the Electoral Commission. The contribution ranks as the largest ever single donation from a living person in UK political history.
Born in Britain, Mr Harborne is a businessman who owns several companies, employing more than 600 people worldwide, according to a court filing dated last year.
Image: Reform UK leader Nigel Farage
Yet he’s not resident in the UK, and is also a citizen of Thailand, where he is known as Chakrit Sakunkrit, and has lived and worked there for 20 years.
Nonetheless, he has a long history of political donations to British parties.
Electoral Commission data shows he has previously donated to the Conservatives, gifting them £10,000 in May 2001, and continuing to support them with close to £2m in donations by October 2022.
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Image: Christopher Harborne, furthest right, joins Boris Johnson, left, during his visit to Lviv, Ukraine. Pic: City of Lviv
But there was been some overlap with his backing of Reform, which first received a donation from him in April 2019, for £200,000.
He’s also donated to Mr Farage personally, giving £27,616.76 in January so the Reform leader could attend the second inauguration of Donald Trump.
He paid another £32,836 for the Reform and a member of staff to fly to the US following the attempted assassination of Trump in July last year.
And he gave one of the biggest donations ever made to an individual UK politician when he backed Boris Johnson to the tune of £1m in 2022.
Image: Christopher Harborne sits second left from Boris Johnson, centre, during his visit to Lviv, Ukraine. Pic: City of Lviv
He served as an advisor to Mr Johnson during the former PM’s trip to Kyiv in 2023.
His latest cash injection to Reform UK breaks the previous record for a donation from a living person, which was £8m from supermarket tycoon Lord David Sainsbury to the Liberal Democrats in 2019.
The largest ever single donation to a UK political party was from his cousin, Lord John Sainsbury, who left more than £10.2m to the Conservatives in 2022 in his will.
Electoral Commission records show Mr Harborne has made at least £24.5m in UK political donations since 2001.
But where is his money from?
Several of his businesses come under the banner of AML Global, including one registered in the UK, which has a London address listed with Companies House.
AML Global is described in a court filing as an international jet fuel broker that works with oil companies, and which has been awarded $39m (£29m) worth of contracts by the US Department of Defense.
Harborne was also an early investor in Bitcoin and other cryptocurrencies.
On his LinkedIn page, the businessman further describes himself as chair of Sherriff Global Group.
His profile shows he was educated at INSEAD business school, Cambridge University, and Westminster School.
Figures from the Electoral Commission released this week show Reform UK reported the most donations of any party in the third quarter of 2025, a total of £10,526,846.
By contrast, the Conservatives reported £7,038,861 in the same period, Labour £2,564,786, and the Liberal Democrats £2,174,712.
“She doesn’t belong in the Treasury; she belongs in la-la land.”
Chess claims made up? Where did that attacking move from Kemi come from? Hasn’t the chancellor told us for years that she was a national chess champion in 1993?
Indeed she has. “I am – I was – a geek. I played chess. I was the British girls’ under-14 champion,” she declared proudly in a 2023 interview with The Guardian.
She posted a video showing her playing chess in parliament and before last week’s budget posed for photos with a chessboard.
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But her chess champion claim has been disputed by a former junior champion, Alex Edmans, who has accused her of misrepresenting her credentials.
“Her claim was quite specific,” Edmans, now a professor of finance at the London Business School, told Ali Fortescue on the Politics Hub on Sky News.
“She said she was the British girls’ under-14 champion. There was one event that can go on that title, which is the British Championship. And in the year that she claimed, it was Emily Howard who won that title instead.
“She did indeed win a quite different title. There was a British Women’s Chess Association championship, but that’s a more minor title. I’ve won titles like the British squad title, but that’s not the same.
“Just like running a marathon in London is not the same as the London Marathon, there was one event which is very prestigious, which is the British Championship.
“So the dispute is not whether she was a good or bad chess player. That shouldn’t be the criterion for a chancellor. But if you weren’t the British champion, you shouldn’t make that statement.”
Oh dear! So now, along with allegations of plagiarism, a dodgy CV and “lying” – according to Ms Badenoch – about the nation’s finances, the chancellor is between a rook and a hard place.
Or is she? “This story is absolute nonsense,” a Treasury mate told Sky News. No word from the No.10 knight, Sir Keir Starmer, or his Downing Street ranks, however.
Emily Howard, as it happens, is now an accomplished composer, having graduated from the chessboard to the keyboard.
The chancellor’s opponents, meanwhile, claim her budget blunders means the Treasury queen has now become a pawn, there for the taking.
But since Rachel Reeves did indeed win a chess title, just not the one she claimed, her supporters insist she can justifiably claim to have been a champion.
So it’s too soon for Kemi Badenoch and the Conservatives to claim checkmate. The dispute remains a stalemate. For now.
Nigel Farage’s Reform UK have received its largest ever donation, with former Conservative donor Christopher Harborne handing the party £9m.
The donation – one of the largest in British political history – was made in August this year, according to filings from the Electoral Commission.
Mr Harborne, a British businessman based in Thailand, previously donated millions to Reform in 2019, when it was known as the Brexit Party, and has continued to give the party and Mr Farage cash.
Between 2001 and 2022, he donated close to £2m to the Conservatives, according to Companies House.
The £9m handed to Reform UK on 1 August this year is the largest political donation on record from a living person, after Lord Sainsbury left £10m to the Conservatives in his will in 2023.
Educated in the UK, Mr Harbone is now based in Thailand, where he chairs the investment company Sherriff Global Group.
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He also paid around £28,000 for Mr Farage to travel to the US for Donald Trump’s inauguration this year, and roughly £33,000 for the Reform leader to visit the president after the failed assassination attempt in the run-up to the election.
Responding to a question at a news conference from Sky News deputy political editor Sam Coates, Mr Farage said Mr Harborne has business interests all around the world, but his “natural home” was the UK.
Image: Mr Farage says no promises were made in exchange for the money. Pic: PA
He says the donation is “nothing out of the blue”, pointing to Mr Harbone donating significant sums to the Brexit Party.
“I think what he wants to do, really, is to try and help us get onto a level playing field with the trade union funded Labour Party, and a Conservative Party where there seems to be a remarkable correlation, I can’t think why, between donations and membership of the House of Lords,” Mr Farage said.
He added that “hand on heart” he has not promised anything to Mr Harborne in exchange for the money, adding that speaks to the Bangkok-based businessman “maybe once a month, maybe once every six weeks”.
Professor Justin Fisher of Brunel University, an expert in political donations, told Sky News: “It exposes the fact that this is a person who is a British citizen but is able to influence British politics without being subject to the laws that any Reform government might bring in, any tax arrangements that a Reform might bring in.
“This is foreign money by any other name.”
The professor pointed to the fact that in the 2022 Election Act under the Conservatives, the law was changed so that British citizens could live abroad their whole lives and stay on the electoral roll, allowing them to donate.
Previously, the cap had been set at 15 years of living overseas.
He added that it was not surprising to see a person with an interest in a particular policy area – like cryptocurrencies – give money to a political advocating for this cause.
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Will Tories and Reform unite?
According to the Electoral Commission, political parties raised £24m in the third quarter of this year – up from £10m over the same time period last year, and £11m last quarter.
With the local and national assembly elections coming up in May next year, parties are building their war chests for the campaign.
Reform reported taking a total of £10,526,846, more than the Tories (£7,038,861), Labour (£2,564,786), and the Lib Dems (£2,174,712).
This means Mr Farage’s party raised almost as much as the three main parties combined (£11,778,359).
While the Green Party has reported an increase in donations since Zack Polanski became leader, these figures mostly cover the time before he took office, with the party only accepting £371,753.
Professor Jonathan Hopkin of the London School of Economics told Sky News the donation “shows the power of money in politics if one individual can make such a big difference to the resources available to a political party”.
He added that big donors giving to Reform who also have links to the Tories could separately “pressurise the Conservatives to step aside their candidates in seats that Reform are better placed to win”.
The fact that Reform has received large volumes of cash from a former Tory donor will do nothing to extinguish reports that the two parties are considering an electoral pact in time for the next general election.
The Financial Times reported that such an agreement was spoken about by Mr Farage in a discussion with party donors.
Image: YouGov graphic of voter intention from 30 November to 1 December 2025. Pic: YouGov
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Both the Conservatives and Reform have denied they will do a deal.
Reform currently lead voting intention polls, with the Conservatives and Labour together in joint second place, followed by the Greens.
A spokesperson for the Reform Party said: “This quarter’s figures show the incredible progress Reform UK is making. This is further evidence that we have all the momentum in British politics.”