The Times has reported that Nadhim Zahawi – forced out as Conservative Party chair due to his tax affairs – is acting as a middle man to help the Barclay family regain control of the up-for-sale titles, which include The Spectator and Apollo magazines.

Zahawi is reportedly helping to broker a deal between the Barclays and investors from the United Arab Emirates, with speculation he could become chair of the media business if the deal comes off.

The MP for Stratford-upon-Avon is a controversial figure. He was sacked by Prime Minister Rishi Sunak in January after failing to declare an HMRC investigation into his tax affairs, a breach of the ministerial code.

Prior to that, the millionaire former oil executive achieved notoriety during the MPs’ expenses scandal a decade ago, after claiming taxpayer cash to heat the stables at his Warwickshire home.

Lloyds Banking Group took control of the Telegraph’s offshore parent company B.UK Ltd and appointed receivers from AlixPartners in May following a long-running dispute involving loans, believed to amount to around £1bn, that were made prior to the 2008 financial crisis by the Bank of Scotland.

The official sale process is expected to commence this month. The auction is being run by Goldman Sachs with a number of potential buyers already in the frame including DMGT.