Potential bidders for the Telegraph Group include Express Newspaper proprietor Richard Desmond and his arch rival Daily Mail & General Trust along with a number of venture capitalist-backed consortia. The publishes the 175-year-old Spectator magazine and The Daily and Sunday Telegraph.
A report in today's Evening Standard suggests that Cluff is preparing a management buyout team to takeover The Spectator if the Telegraph Group is bought out.
Cluff, an oil millionaire, owned The Spectator during the 1980s. He sold it to the Telegraph Group in 1991, but remained as chairman.
It is stilll unclear what will happen to Telegraph-parent Hollinger, after it was plunged into scandal earlier this month when it emerged that chairman and chief exective Lord Conrad Black and several other board members had received unauthorised payments totalling $32.15m (£19m). Lord Black is understood to have received $7.2m.
As well as rival news groups, other parties reported to be interested in the group include David Montgomery, outgoing Carlton chairman Michael Green, the Barclay brothers, and former Telegraph Group managing director Stephen Grabiner.
Other possible bidders include Michael Ashcroft, the former Conservative Party treasurer, and US tycoon Nelson Peltz.
Hollinger has appointed Lazard to look at options for the group and is being sounded out by potential suitors.
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