A gaggle of banks together with the Wall Street behemoths Goldman Sachs and JP Morgan are vying for the prized mandate to promote The Daily Telegraph and its sister Sunday newspaper.

Sky News understands that the funding banks are on a shortlist to be picked by Lloyds Banking Group within the coming days to deal with the sale of the titles, together with the present affairs journal, The Spectator.

Sources mentioned they anticipated advisers to be chosen by Lloyds within the coming days if it finalises a plot to grab management of the belongings from their long-standing house owners, Sir Frederick Barclay and his household.

Lloyds is known to consider the titles are price within the area of £600m.

Britain's largest excessive avenue lender has appointed AlixPartners to behave as receiver over B.UK Ltd, a Bermuda-based entity, which in the end controls the businesses which personal two of the UK's best-known newspapers.

Sky News revealed on Tuesday night that Lloyds is being suggested by Lazard on its choices for the belongings, and that one other funding financial institution shall be chosen to kick off an instantaneous course of to promote the Daily and Sunday Telegraph titles.

The choice to take management of the Barclay-owned corporations comes after years of talks about refinancing loans made to the household by HBOS previous to its rescue by Lloyds throughout the 2008 banking disaster.

People near the financial institution mentioned that Charlie Nunn, Lloyds' chief government, was now taking "decisive action" to resolve the state of affairs.

A sale course of can be among the many most hotly contested media auctions in Britain for years and would formally finish the Barclay household's almost two decade possession of the broadsheet newspapers.

Lloyds is predicted to take management of a cascade of corporations inside the group, together with Press Acquisitions, which controls the newspapers, as early as Wednesday.

Barring a last-minute settlement with the present house owners, Lloyds would then take away administrators appointed by the Barclay household, together with Aidan Barclay, the chairman of the newspaper group.

However, the financial institution doesn't plan to put Telegraph Media Group or Press Acquisitions into administration themselves.

The newspaper titles should not remotely near insolvency and certainly are mentioned to be performing strongly, with a well-regarded administration group led by chief government Nick Hugh.

"It is an attractive asset that is likely to be straightforward to sell," mentioned one insider.

A sale for £600m, or anyplace near it, would set off a considerable writeback for Lloyds because it had written down the mortgage years in the past.

Aidan 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.

Sir Frederick is at present embroiled in a £100m courtroom battle over his divorce settlement.

The Barclays beforehand owned the Ritz resort in London, and nonetheless personal Very Group, the net retailer.

The bombshell transfer has been triggered by Lloyds' dissatisfaction with the Barclays' strategy to repaying a mortgage which dates again to the pre-crisis period of enormous company loans issued by HBOS.

Lloyds' intention to drive the Barclay-owned entity into receivership was first reported by The Times on Tuesday night.

A spokesperson for the Barclay household mentioned: "The loans in question are related to the family's overarching ownership structure of its media assets.

"They don't, in any approach, have an effect on the operations or monetary stability of Telegraph Media Group.

"The businesses within our portfolio continue to trade strongly, are run by independent management teams, are well capitalised with minimal debt and strong liquidity.

"They haven't any legal responsibility for any holding firm liabilities, proceed to function as regular and are unaffected by points within the holding firm construction above them.

The spokesman added that Telegraph Media Group had been "performing extremely well and now has over 750,000 subscribers".

"The company recorded a 25% increase in operating profit during 2021, has recently successfully acquired Chelsea Magazine company, and is progressing strongly towards meeting its targets.

"Speculation concerning the enterprise coming into administration is unfounded and irresponsible."

Lloyds and AlixPartners declined to remark.