Private equity giant CVC has walked away from the bidding process for the Telegraph newspapers.
The buyout group, which owns stakes in Premiership Rugby and the Six Nations, was reported to be lining up a bid for the titles ahead of the first round of an auction earlier this month.
But now sources say the firm has decided not to go ahead. DMGT, the Daily Mail publisher headed up by Lord Rothermere, also recently pulled out.
Advisers from Raine Group, the US investment bank that worked on the sales of Chelsea and Manchester United football clubs, and London-based Robey Warshaw are handling the sale. The seller is RedBird IMI, an Abu Dhabi-backed vehicle.
Those remaining in the process include Sir Paul Marshall, the hedge