Richard Desmond, the owner of the UK's Express Newspapers, has the financing in place and can move quickly to make an offer for Hollinger International, the US-listed media group, whose assets are being prepared for sale by Lazard.

Keith Harris, executive chairman of Seymour Pierce, the financial services group, is advising Desmond on a possible offer, and said his client had cash reserves and new funding to finance a deal. Desmond owns half a UK printing plant with Hollinger which prints his Express publications and Hollinger's Daily & Sunday Telegraphs.