While Guardian bosses are understood to have approved the sale to Tortoise, any transaction will need the backing of at least 75pc of the Scott Trust board. A meeting is scheduled for Monday to vote, however it is thought the board may choose to delay its decision.
Pressure is mounting as journalists prepare to strike for four days next month in protest against the sale. The National Union of Journalists (NUJ), which is coordinating the walkouts, has said industrial action can be avoided if the takeover talks are called off.
Katharine Viner, the Guardian’s editor, has invited staff to meetings in her office in a last-ditch attempt to assuage concerns about the deal.
In a further blow, the European Federation of Journalists (EFJ), which represents almost 300,000 journalists in 44 countries, has written to the Scott Trust board outlining its concerns.
Ricardo Gutiérrez, general secretary of the EFJ, said: “I fully and unwaveringly support the call for strike action by journalists at the Guardian and the Observer.
“And I strongly denounce the pressure put on journalists by the management of both newspapers over this matter of public interest.”
A Guardian Media Group spokesman said: ““The Observer’s financial performance is a matter of public record, and this potential deal is about preserving the paper’s 233-year-old legacy and securing its long-term financial stability. We are committed to ensuring the publication can thrive in a rapidly changing media landscape and this proposed new investment will support its world-class journalism.”