Her sister Samantha is married to the former prime minister and now Foreign Secretary, David Cameron. In government, Mr Osborne was one of Lord Cameron’s closest political allies. Lord Cameron has separately said that he is playing “no role” in a government review of the takeover which is currently taking place.
On Saturday, Ms Sheffield, who stepped down as editor of the Evening Standard in 2021, took to X, formerly known as Twitter, to criticise Mr Osborne’s reported involvement in the deal.
In a tweet which tagged Mr Osborne’s official X account, she said: “No depths? A former Chancellor aiding a state to buy one of our media institutions? @George_Osborne There is a precedent being set here & you know it. Principles do matter.”
Mr Osborne’s involvement was also criticised by Sir Iain Duncan Smith, the former leader of the Conservative Party.
Barclay family
Sir Iain told The Telegraph: “Has he no shame? This is the man who told us we have to cosy up to China too, this is the guy whose judgment on foreign arrangements is somewhat dubious, I would say.”
He added: “Many Conservative MPs hope that his arrival on the UAE side is enough to ensure the Government turns it down.”
RedBird IMI swooped in to acquire The Telegraph out of receivership in a complex debt transaction with the Barclay family, who lost control in June following a dispute with Lloyds over unpaid debts.
The prospective takeover is currently under investigation by Ofcom over the potential risks to press freedom of state-backed ownership. Jeff Zucker, the former CNN chief leading the RedBird IMI bid, travelled to London in January for talks with Ofcom about protections intended to guard editorial independence from Abu Dhabi.
RedBird IMI is offering legally binding undertakings that the UAE will have no involvement in the running of The Telegraph. It also plans to create an editorial trust of five public figures who would monitor compliance with the undertakings and approve the future appointment of an editor.
Ofcom’s report is due to be delivered to Lucy Frazer, the Culture Secretary, before the end of the month.
In January, The Telegraph reported that deal insiders believe Ms Frazer is most likely to trigger a further “phase 2” investigation by the Competition and Markets Authority lasting 24 weeks or more.
The prospect of a lengthy process has prompted speculation that RedBird IMI could consider looking at an onward sale involving an alternative buyer, although the fund has “categorically” denied having discussions with anyone about such a sale.
Mr Osborne and Robey Warshaw were contacted for comment.
RedBird IMI declined to comment.
Many of our readers have raised concerns over the potential sale of Telegraph Media Group to the Abu Dhabi-linked RedBird IMI. While Ofcom carries out its investigation we are inviting the submission of comments on the process. Email [email protected] to have your say.
Robert Johnson is a UK-based business writer specializing in finance and entrepreneurship. With an eye for market trends and a keen interest in the corporate world, he offers readers valuable insights into business developments.
