Depression: Telegraph Media Group, which also owns Spectator magazine, suffered a loss of £244.6m during the year.
The Telegraph newspaper suffered a record loss last year after taking a £278m hit over a loan withdrawn by its owners, the Barclay family.
A review of the company’s finances uncovered “possible irregularities” and attempts to trace the cash were unsuccessful, Telegraph Media Group said in its annual accounts.
And he warned that the money was unlikely to be returned. The news organisation, which also owns The Spectator magazine, suffered a loss of £244.6m during the year.
An ownership crisis at the newspaper has seen the Barclay family lose control of the group amid a dispute over £1.2bn in overdue loans.
Lloyds Banking Group took over the business last year and launched a sale process.
Later in 2023, RedBird IMI, an Abu Dhabi-backed fund, reached a deal with Barclays to take control of the group by paying off debts.
But in March the Government said it would introduce legislation to block such state-backed procurement deals in the industry. As a result, the sales process remains ongoing.