Lloyds Banking Group PLC (LSE:LLOY) has been told to arrange a quick sale of the Telegraph by a group of Tory grandees.
The bank took control of the newspaper group two weeks ago in a dispute with the then owners the Barclay family over a loan repayment.
Iain Duncan Smith, the former Conservative leader, and Lord Patten said it was vital that the identities of the people buying the group are made known early in the process as it was imperative any buyer understood "the responsibility of owning a great newspaper".
According to reports today, Nick Hugh, chief executive of Telegraph Media, told staff last week that a sale process had yet to get started.
Lloyds is expected to sell the group, which comprises the Daily and Sunday Telegraph plus the Spectator magazine, via an auction.
The Barclay family paid £665mln for the group in 2004, which Lloyds said is profitable currently, but a valuation might be less important than finding the ‘right’ owner for the Conservative Party-supporting newspaper, said the reports.
Names mentioned as bidders include German publisher Axel Springer, the Daily Mail owner DMGT, Belgian newspaper group Mediahuis, Czech gas billionaire Daniel Kretinsky and GB News owner Sir Paul Marshall.