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Former UK chancellor Nadhim Zahawi and Egyptian-born British billionaire Mohamed Mansour are in advanced talks to join the US-led consortium to buy the Telegraph, according to people familiar with the matter.
Sir Mohamed is a former Conservative party Treasurer and has been linked with previous bids for the broadsheet newspaper with Zahawi, who maintains close links with IMI, the Abu Dhabi fund that is an owner of the Telegraph with US-based investment group RedBird.
The additional political and financial heft comes as exclusivity talks with New York Sun owner Dovid Efune over the $550mn acquisition of the Telegraph end next Friday at 5pm GMT.
There is also the possibility that the exclusivity period might be extended, people said. There have been mounting questions over whether the British-born executive has the financial backing to complete the deal in recent weeks.
This is a developing story . . .
