The writer of The Daily Telegraph is to nominate a brand new chairman after receivers appearing on behalf of its dad or mum firm's lender kicked off a search to switch Aidan Barclay.

Sky News has learnt that the newspaper's holding firm's new unbiased administrators have requested Russell Reynolds Associates to deal with the method.

City sources mentioned potential candidates had begun being sounded out in regards to the position in latest days.

The appointment of a brand new chair will come as Lloyds Banking Group - the primary lender to the Barclay household, the Telegraph titles' former proprietor - prepares to rent bankers to orchestrate a sale.

Lazard, which is already advising Lloyds, Goldman Sachs and JP Morgan are understood to be in rivalry for that position.

Insiders mentioned that Stephen Welch and Boudewijn Wentink, who had been appointed by receivers AlixPartners, would resolve on the popular candidate for the chairmanship.

The impending public sale of the Daily and Sunday Telegraph titles, and the weekly present affairs journal, The Spectator, is anticipated by some analysts to fetch within the area of £600m.

The Barclay household has been working with advisers at Houlihan Lokey to attempt to retain management of the belongings.

Lloyds is owed roughly £1bn by the household, which additionally owns the Yodel supply service and the Very Group on-line purchasing platform.

Carlyle, the personal fairness agency which already holds a portion of debt connected to Barclay-backed corporations together with the web purchasing enterprise Very Group, is known to have been concerned in talks with the household.

Lloyds took the bombshell resolution to position the newspapers' oblique holding firm into receivership final month.

The sale course of will likely be among the many most hotly contested media auctions in Britain for years and is anticipated to attract curiosity from billionaires, Tory donors and different media teams.

Mr Barclay is the nephew of Sir Frederick Barclay, the octogenarian who together with late brother Sir David engineered the takeover of the Telegraph in 2004.

TMG and Lloyds declined to remark.

Content Source: information.sky.com