According to reports in The Times, in a late attempt to seize power at Dublin-based INM, O'Brien, the second biggest shareholder with a 26% stake, is prepared to invest €100m (£90m) of his own money, which would be used to help pay off a €200m bond.

He would expect to take control and would probably seek to close, or sell, the Independent – something he has long been calling for.

However, O'Brien still needs to garner the support of the company's lenders, which are owed around €1.1bn and have so far been opposed to such an idea.

He believes that The Independent, which is currently loss-making, should be disposed of in favour of keeping INM Outdoor, the company's South African advertising arm.

INM Outdoor is currently profit-making, and with the 2010 Fifa World Cup to be held in South Africa next year, business is likely to boom.

An extraordinary meeting has been called for 3 November, where the future of INM Outdoor will be voted on. Shareholders will not vote on the future of The Independent at the meeting.