The bid for Britain's Telegraph newspaper has been extended until the end of the year as preferred bidder Dovid Efune faces funding delays, the Financial Times has reported, citing sources.
Dovid Efune, publisher of The New York Sun, has been given at least two more weeks, as he is still in talks with US funds to raise financing for the deal expected to be valued at about £550m, the report said.
Abu Dhabi-backed RedBird IMI dropped its pursuit of buying the newspaper group in April and decided to sell instead, after Britain said it would stop foreign governments owning newspapers.
It opened bids for its sale of the Telegraph and Spectator in June.
Potential bidders, according to other news reports, include hedge fund owner Paul Marshall; DMGT, which owns the Daily Mail; Belgian Group Mediahuis, which owns the Irish Independent here; and National World.
