Chelsea FC owner Todd Boehly’s investment vehicle has backed out of a potential deal to buy newspaper group National World.
Mr Boehly’s Eldridge Media Holdings (EMH) business said in March that it was considering a takeover deal for the Scotsman and Yorkshire Post owner.
However, shortly before a regulatory deadline on Thursday evening, his firm confirmed it has now withdrawn from the process.
“EMH confirms that, following careful consideration, it does not intend to make an offer for National World,” the group told the stock market.
The announcement appears to clear the way for Media Concierge, a major shareholder in National World, to buy the business.
Eldridge’s interest came only a week after Media Concierge, which runs a raft of local newspapers in Ireland as well as direct mail and advertising operations, had secured approval for a £65.1 million takeover of National World.
Shareholders had voted in favour of the process before Mr Boehly indicated he could put forward a rival proposal.
The withdrawal also raises questions over Mr Boehly’s recent pursuit of the Telegraph newspaper group.
Eldridge reportedly held talks with National World executive chairman, and former Mirror Group boss, David Montgomery, over a move to buy the Telegraph and combine it with National World.
Abu Dhabi-based RedBird IMI has been trying to sell the Telegraph Media Group business after its original takeover of the firm was blocked by UK legislators.
In October, the seller announced that owner of The New York Sun, Dovid Efune, entered exclusive talks to buy the Telegraph in a deal worth around £550 million.
However, RedBird IMI is understood to now be considering a variety of potential deals, including Mr Efune, amid difficulties from the proposed buyer to secure financing quickly.
