According to The Observer the deal has not been finalised but is expected to be agreed within weeks. Elliot, who launched Time Out in the 1960s, bought into i-D during the 1980s in a bid to revive its fortunes after running into financial difficulty.
The Observer claims that since the magazine has returned to profit Jones has been in talks to take back control.
i-D was launched as a small fashion fanzine by former Conde Nast art director Jones in 1980. Its innovative graphic design has been a major influence on advertising and magazine style since and the title helped launch the careers of the likes of GQ editor Dylan Jones and photographer Nick Knight.
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