Abu Dhabi-backed fund says it will take control of Telegraph and Spectator

RedBird IMI ‘reaches agreement’ on package of loans to repay debts owed by Barclay family

The Abu Dhabi-backed investment fund RedBird IMI has said it is to take control of the Telegraph and Spectator publications after agreeing loans to repay debts owed by the publishing group’s previous owners, the Barclay family.

The deal would see a joint venture between the US firm RedBird Capital and International Media Investments of Abu Dhabi provide loans to the family, allowing them to pay off their debts to Lloyds Banking Group and take back the titles within weeks.