Barclays family regains ownership of Daily Telegraph after they used £1.1bn, part cash paid by prospective buyer RedBird LMI  and rest covered by International Media Investments, to pay off bad loans, although the family will not have any control over its operations as a independent board will oversee the newspaper, and its sister the Spectator magazine. Ofcom is vetting a takeover by the Abu Dhabi-backed group. The media group emerged from receivership after six months in the hands of its lender Lloyds Banking Group after the family used cash provided by RedBird LMI who will swap partial control of the Telegraph Media Group.

The Barclay family said: “ We are pleased to have reached this positive resolution and are grateful to Lloyds Banking Group for their constructive engagement”.

Redbird IMI which is run by former CNN President Jeff Zucker but majority owned by an Abu Dhabi fund, has promised to maintain the Telegraph’s editorial independence after it takes control.