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The win marks a remarkable turnaround for the brothers, who also own The Scotsman newspaper group, after they first agreed to buy the papers from Lord Conrad Black six months ago only to see their bid circumvented by the Larzard-led auction process.

The decision was made on last night in New York, a day later than had been expected when weekend reports suggested that a decision was to be made on Monday evening .

It had been widely reported that the Barclay brothers had submitted a final bid in excess of £650m. In the event, it was less than the £700m figure that was being thrown around as the price that bidders would have to pay if they wanted to win control of the UK's best-selling broadsheet newspaper.

Jeremy Deedes, the Telegraph Group chief executive who was bought back out of retirement to run the company, said that the decision represented a new start for the newspaper group.

"This is the first day of a new life for the staff of the Telegraph Group, who have endured months of uncertainty with great resolve," he said.

However, the prospect of Lord Black blocking the deal still remains. Last week, he had threatened to scupper any sale after demanding that the board of the group's parent company, Hollinger International, seek shareholder approval before proceeding with the sale.

He said he wants a shareholder vote to approve any sale proposed by the Hollinger International board. However, he is exempt from making any decisions at Hollinger International following the earlier scandal.

A statement made by Lord Black's Hollinger Inc attacked Hollinger International initially rejecting six months ago what is in effect the same deal that has now been accepted.

"In January, when Hollinger International rebuffed Sir Frederick Barclay's interest... Hollinger International and its financial advisers assumed an obligation to deliver greater value to shareholders. They have failed to do so. Allowing for currency fluctuations, this is essentially the same valuation that the Barclays put on these assets back in January."

Hollinger Inc then raised the prospect of intervening in the sale, saying that a sale of the bulk of the company's UK assets required the approval of shareholders.

"A sale of the Telegraph and Hollinger International's other UK businesses involves the bulk of the company's assets and therefore clearly requires approval of the company's shareholders. So that we can determine whether or not to support such a sale, Hollinger International must provide its shareholders with sufficient information to evaluate properly this transaction in light of alternative opportunities available to the company," the statement said.

The final waiting game for the last two bidders comes after an exhaustive bidding process that has seen as many as 10 declare an interest in buying the UK's top-selling broadsheet newspaper.

Last week, the Daily Mail & General Trust and its partner CVC Capital Partners, which owns Debenhams and Kwik-Fit, dropped out of the running.

It is understood to have underbid, but if successful it would have faced stiff opposition from the government, which was hostile to the owner of the Daily Mail winning control of the Daily and Sunday Telegraph titles.

If the Barclay brothers are ultimately successful, the acquisition will turn them from regional newspaper owners, through their control of The Scotsman Group, to press barons.

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