The future of the Daily and Sunday Telegraphs came closer to resolution on Friday as potential buyers submitted their second-round bids for the newspapers.

Dovid Efune, who hails from the UK and currently owns The New York Sun, is reportedly the leading candidate to acquire the publications, which have been under uncertain circumstances for over a year.

He is not the only interested party; among others is Sir Paul Marshall, a prominent British hedge fund investor known for his involvement with GB News. This month, Marshall secured a £100 million acquisition of The Spectator, previously affiliated with the Telegraph. Additionally, National World, led by seasoned newspaper executive David Montgomery and owner of titles such as The Yorkshire Post, Sunderland Echo, and The Scotsman, is also in the running.

Any sale of the Telegraph group would significantly impact the UK media landscape. The newspapers were under the ownership of the Barclay family since 2004, when they purchased them and The Spectator from Hollinger, owned by Lord Black of Crossharbour, for £665 million. The Barclays lost control of the publications in June 2022 when Lloyds Banking Group took over due to their failure to settle debts totaling £1.15 billion.

Since that time, the Telegraph group has been in a state of uncertainty. In December, RedBird IMI, which is backed by Abu Dhabi interests, effectively assumed control when it aided the Barclays in debt repayment to Lloyds. However, the government intervened to prevent any major alterations to the titles while the acquisition underwent scrutiny.

Concerns regarding potential UAE influence over a major national newspaper led to significant political and public backlash, culminating in the government’s March proposal to limit foreign ownership of media outlets. Consequently, RedBird IMI announced the Telegraph and The Spectator’s listing for sale in April.

Since clinching the purchase of The Spectator less than three weeks prior, Marshall, aged 65, has swiftly enacted changes, appointing Michael Gove, a former Conservative cabinet member, as the magazine’s editor to take over from Fraser Nelson. Furthermore, Lord Moore of Etchingham, a previous editor for both Telegraph titles and The Spectator, has been named the new chairman, succeeding Andrew Neil.

Marshall’s endeavor to acquire the Telegraph is supported by Ken Griffin, the billionaire founder of Citadel, a leading American hedge fund.

However, Marshall faces formidable competition from Efune, 39, who emerged as a serious contender for the newspapers this month. Efune took the reins of the New York Sun in 2021 and is now viewed as a prime candidate for the Telegraph acquisition. Prior to this, he served as the editor for The Algemeiner Journal, a New York-based publication focusing on the Middle East, Israel, and Jewish affairs.

Other individuals reportedly interested in the Telegraph includes Nadhim Zahawi, the former chancellor, who left his parliamentary position during the July general election. Zahawi is working on securing funding for a potential bid for the newspapers.

While CVC, a private equity firm, had previously shown interest in the acquisition, it exited the bidding in July, as did DMGT, the parent company of the Daily Mail, led by Lord Rothermere.