F&C Reit's director Kevin McGrath is in talks to buy left wing newspaper the Tribune
The Tribune newspaper has been in financial difficulty for some time and it is thought McGrath plans to invest in the publication to turn it round into a successful publication such as the right wing magazine the Spectator.
The newspaper, with around 12 staff will be pitched to Guardian readers and othe left wing readers of publications to improve its readership.
An offer was made for 51% of the publication by McGrath of a nominal sum thought to be £1. He will then invest a six figure some in 'reinvigorating' the brand over a three year period .
McGrath is a well known Labour supporter within the property industry.
He plans to stand as a MEP candidate next year and was the Labour Party Parliamentary Candidate for the North East Hampshire constituency at the 2005 General Election.
He is also a former non executive director of QPR football club.
The deal is currently in legal process and is due to complete by the new year.