Telegraph sale poised to go ahead after Lords foreign ownership vote

Consortium led by RedBird Capital in line to buy group for 500m, in deal that would result in UAE retaining 15% stake

The sale of the Telegraph looks set to finally go through after government legislation to allow foreign states to own up to 15% in British newspapers survived a potentially fatal vote in the House of Lords.

Gerry Cardinale's RedBird Capital is leading a consortium looking to buy the Telegraph for 500m, in a deal that would result in the United Arab Emirates retaining a stake of 15%.