Russian billionaire to buy Evening Standard

A Russian billionaire may be on the verge of buying London's Evening Standard newspaper, reports suggest.

Alexander Lebedev is reported to have submitted an offer to Lord Rothermere, the chairman of the paper's owners Daily Mail & General Trust, on Wednesday night and an announcement is expected later today.

Mr Lebedev, 49, is thought to have had a bid for the London paper rejected at the end of last year.

His latest bid is rumoured to be for 76 per cent of the newspaper with the Associated Newspapers obtaining the other 24 per cent.

The Russian told the Bloomberg news agency on Wednesday his decision to buy the paper wasn't motivated by money.

"This is not my way to make money but I'd like to explain to the public that newspapers are something they should love and cherish," he said, although added: "Obviously I would be in charge of the financial side."

Mr Lebedev allegedly became attracted to London while working in the city as a KGB spy, having being based at the Russian embassy until 1992.