Former Tory party treasurer Lord Ashcroft has been identified as a potential investor in Local World, the regional newspaper group now being created by David Montgomery.
According to Mark Kleinman, City editor of Sky News, Ashcroft is "in discussions" about backing the venture with "a modest sum."
Local World is bringing together two regional publishers: Northcliffe (parent company: Daily Mail & General Trust) and Iliffe (parent company: Yattendon). Trinity Mirror has said it may take a stake too. The company also has the backing of the hedge fund tycoon, Crispin Odey.
Most commentators believe Local World will act as a platform to enable Montgomery to acquire other regional newspaper assets.
Source: Sky News Hat tip: HoldTheFrontPage
