Dale Vince expressed interest in acquiring The Observer
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Dale Vince, the green energy tycoon and one of the Labor Party’s most generous donors, has confirmed his interest in buying the Observer from the Guardian Media Group, offering the newspaper’s bosses a potential alternative if James Harding’s Tortoise deal falls through.
Vince, whose fortune is estimated at more than £100 million, said in a statement on Friday: “We already have too many right-wing media moguls (often tax dodgers) controlling what people read, listen and eventually believe.”
He added: “If there is any problem, then conclude it [the Tortoise] agreement, I would like to participate in the negotiations and am interested in the idea of holding ownership in a trust.”
Vince, who founded renewable energy supplier Ecotricity and has given more than £5m to the Labor party, did not reveal any further details about how much he would give or invest.
GMG said it “has not received any bid containing any material details from any party other than Tortoise Media”.
Dale’s decision to reveal his interest comes several weeks ahead of a crucial planned sale of the Observer to Tortoise, a loss-making media start-up founded by Harding, the former Times editor and BBC News boss. establish.
Harding raised capital from a range of investors, including Gary Lubner, a South African donor to the Labor Party, to fund a five-year £25m investment plan. The Guardian will also retain a minority stake.
Scott Trust, the £1.3bn fund that owns the Guardian and Observer, was due to meet on Monday but people familiar with the situation said it was postponed to Friday as members continued continue to negotiate and carefully review the agreement.
The security guard prepares to go out on the first of two strikes on Wednesday. According to people with knowledge of the negotiations, Guardian editor Kath Viner held a series of closed-door meetings with staff this week where she worked out the details of Turtle’s offer.
The observers’ staff objected to the proposed takeover of the 232-year-old Turtle Sunday title over concerns about their jobs under new ownership and the future of the title.
However, Guardian bosses have made it clear that a strategic audit of the Sunday newspaper will be needed if it is not sold.
