If the Telegraph goes to an open auction, there are likely to be trade bidders who will be focused on the profit and loss account and not over-bidding like the Barclays did. They will sweat the asset.

There will also be other bidders who will view it as a prestige trophy asset giving them influence over public life and politics. Who can afford to pay the price?

Some names in the frame for forming a syndicate include billionaires Peter Hargreaves, Peter Cruddas and Paul Marshall. Arron Banks might be tempted back into the fray in a syndicate. Maybe Narayana Murthy might fancy diversifying out of information technology into media and making the paper’s editorial line more sympathetic to his son-in-law? A look down the list of big Tory donors might give a clue as to potential members of a syndicate…

The Spectator could be spun out from the Telegraph – it makes solid profits (circa £2 million), and could function as a stand alone asset. A management buyout, perhaps with external financial backers, could be a possibility. Lord Ashcroft was rumoured to have contemplated offering £20 million for the magazine some years ago,  Guido suspects it will go for more like double that to a trophy buyer…