THE tumultuous two-year takeover process for the Telegraph appears to be drawing to a close after a consortium led by US investment firm RedBird Capital agreed to buy the 170-year-old newspaper business for about £500 million.

RedBird IMI, which was partly backed by the US firm but majority-owned by Sheikh Mansour bin Zayed al-Nahyan, Vice-President of the United Arab Emirates, originally agreed to buy the media firm and The Spectator in 2023.

However, last year, the government ultimately blocked the move after introducing new rules to stop foreign state ownership of the press.

The Spectator has since been sold to hedge fund tycoon Sir Paul Marshall’s OQS Ventures business for £100m.

Yesterday RedBird Capital revealed it has now reached an in-principle agreement to become the controlling owner of the business.

Its founder Gerry Cardinale said that the transaction will mark a ”new era for The Telegraph.”