The owner of the conservative-leaning New York Sun is the frontrunner in buying the Telegraph in an acquisition worth a reported £550m.
Manchester-born Dovid Efune, 37, is said to have made the competitive bid and could complete buying discussions as early as this week.
The bid from Mr Efune, the former editor-in-chief of the Jewish publication The Algemeiner, is significantly higher than those put forward by other interested parties, including GB News owner Sir Paul Marshall.
Mr Efune’s potential takeover of the British independent newspaper, however, has raised questions within the industry over its political stance because of his involvement with the New York Sun.
He has also come under fire for comments made on Twitter/X about the ongoing Israel-Gaza conflict and his pro-Israeli stance.
“The Telegraph in Britain, a fine newspaper, is now at risk of being swallowed up by the United Arab Emirates,” he recently wrote in an opinion piece for the New York Sun.
Acknowledging the issues within the media industry in 2024, including mass layoffs, he stressed the importance of the “free press”, adding that “opportunity remains greater than ever for any newspaper that is compiled with a view to serve the reader above all.”
He has yet to publicly comment on his potential takeover of the publication, but he has given presentations to those involved on his vision.
Should Mr Efune acquire the Telegraph, he will be taking over from RedBird IMI, an Abu Dhabi-backed media investment fund, which took ownership of the publication last year in a bid to help its previous owners, the Barclay family, with extensive debts.
RedBird IMI itself is primarily owned by Sheikh Mansour bin Zayed Al Nahyan, the vice president of the United Arab Emirates (UAE), who is also the owner of Manchester City Football Club.
Concerns were subsequently raised about the impact this could have on free speech at the Telegraph, and it was once again put up for sale.
The government blocked the deal through new legislation that prevents foreign states from owning British newspapers.
Other interested parties in the Telegraph include the local newspaper group National World, run by David Montgomery.
The deadline for second-round offers to buy the newspaper passed at the end of September.
The Independent has reached out to the Telegraph Media Group for comment.