Speaking at the company's AGM, Lord Rothermere indicated that the Barclays were the Telegraph's proprietors in waiting. The Daily Mail & General Trust, parent of the Mail, is still technically in talks to buy the publishing group however.
Dacre, who has edited the Daily Mail for 10 years, was paid tribute to by Lord Rathermere as Fleet Street's "foremost editor".
"Rupert Murdoch has tried to poach him several times, the Barclay brothers will try and engage him soon." he said.
His comments were partly a response to shareholder criticism over Dacre's two-year rolling contract and £900,000 pay deal. However, Rothermere was defiant. "I'm going to keep him" he said. "It's my duty and the board's duty to do that. We will not necessarily be bullied by regulations when we think its contrary to our best interests."
DMGT was preparing a bid for the Telegraph earlier this year but it was outmanoeuvred by the Barclay twins, who went straight to Lord Black and offered him £260m for his controlling stake in Hollinger International, the Telegraph's parent group.
According to reports, although Hollinger International is still claiming that it can go ahead with selling to rival bids, DMGT privately believes it is a charade designed to force the Barclays to pay more for the newspapers.
Hollinger Inc, the holding company controlled by Lord Conrad Black, is currently seeking an injunction to prevent Hollinger International from further interference in the Barclays' bid.
Meanwhile, a US teachers pension fund that has taken on companies such as HealthSouth and Siebel Systems, is sueing Hollinger International as well as the ousted Lord Black on the grounds that they deceived shareholders. The lawsuit is part of a flurry of litigation stemming from the probe into special payments to executives at Hollinger International.
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