A powerful banking group with close links to the Pentagon, which has also invested money on behalf of the Bin Laden family, is in talks to bail out beleaguered Daily Telegraph owner Conrad Black.

The revelation suggests that Britain's bestselling broadsheet - coveted by rival newspaper barons because of its political influence - may not go under the hammer after all, as Lord Black tries to quell a shareholder rebellion in the face of allegations that he and several acolytes pocketed millions of dollars that was not theirs to take. . . .

The Carlyle Group, known as the Ex-Presidents Club because of the number of former world leaders it employs, is considering taking a stake in Hollinger International, which owns the Telegraph titles, the Jerusalem Post and the Chicago Sun-Times, according to those close to the firm.

'It's unusual for a group of assets to come to the market like this. We would look to sell off the Jerusalem Post and Hollinger's stake in the New York Sun. Conrad [Black] would have to step out of management, but that does not mean he would have to let go of his equity stake,' said a Carlyle source. 'Ideally, we would look to take a 25-40 per cent stake. That would allow us to put people on the board,' the source added. . .

Carlyle, - which employs former Prime Minister John Major as a director, boasts George Bush Snr and his Secretary of State, James Baker, as advisers, and is headed by Frank Carlucci, Ronald Reagan's Defence Secretary - has invested in media firms previously. The group once owned 40 per cent of France's Le Figaro, and more recently acquired part of French conglomerate Vivendi's publishing assets.

It also part-owns Qinetiq, the Government's privatised defence research laboratories, and CSX Lines, a logistics firm that specialises in shipping heavy equipment for the military. In the past, Carlyle has owned Vinnell, a company that trained the Saudi army.

[Carlyle], despite being only 15 years old, manages more than $14 billion in funds on behalf of investors such as George Soros and the Bin Laden family. . .

Richard Perle and Henry Kissinger sit on the Hollinger board. Black himself is a member of the secretive Bilderberg group, an organisation comprising the world's leading businessmen and politicians, which some have accused of being an alternative world government.