Who really controls The Spectator?

Now that the government has triggered a public-interest intervention (PIIN), who will end up owning the Telegraph group, and this paper, after deliberations finish in late January? If it dismisses objections to the sale to the ruling family of Abu Dhabi, that family’s vehicle, RedBird IMI, takes control. A leading national newspaper and our most venerable British magazine are thus nationalised by an authoritarian Arab state. If the government rejects the Redbird IMI bid, in law the titles stay with the Barclay family (as they do right now, since the Barclays’ debt to Lloyds bank has been discharged, though under a ‘hold separate’ order which deprives the Barclays of executive power for the course of the investigation) with the consequent right to sell them. The reality, however, will be that the Barclays, heavily in debt to RedBird, will be under its thumb. The Abu Dhabi interest will control the sale.