They have broadly welcomed the prospect of his ownership while conceding that “none of the bidders are perfect”.
If the bid is successful it could provide a link between the Telegraph and its former owner Conrad Black.
Lord Black, who is a regular contributor to the New York Sun, was convicted of fraud and obstructing justice in 2007 and jailed for more than three years, but was pardoned in 2019 by Donald Trump when he was US President.
There are several other bidders who remain in the hunt for one of Britain’s most influential and profitable daily newspapers and its Sunday sister publication.
Hedge fund tycoon Sir Paul Marshall recently acquired the Spectator for £100m and appointed former Conservative minister Michael Gove as the new editor.
Backed by funds from fellow hedge fund boss Ken Griffin, some have speculated that Sir Paul wants to add to a growing right-leaning media empire that includes GB News.
However, sources close to the deal suggest that the bid may be losing momentum.
National World, which owns regional titles including the Scotsman and the Yorkshire Post, is also in the running and its owner, David Montgomery, was the other bidder to attend a presentation by the current Telegraph management.
Attendees were reportedly underwhelmed by his plans for the group.
One attendee described his ideas for the Telegraph’s future as “dated” and “a bit like dad dancing – he doesn’t understand modern media”.
Lord Rothermere, the controlling shareholder of the Daily Mail, is thought to have refreshed interest in the auction having previously walked away citing inevitable competition objections from regulators and a new Labour government.
Former chancellor Nadhim Zahawi, who is close to the Telegraph’s former owners, the Barclay family, is also thought to be trying to raise money in the Middle East to finance a bid.
Rupert Murdoch’s News UK had shown early interest but is no longer considered a bidder, having been more interested in the Spectator.
Sources close to the deal say there are other potential bidders who may emerge as Friday’s midnight deadline approaches.
