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Boris Johnson’s bid to topple Theresa May will be bankrolled by one of Britain’s richest hedge fund managers, it has been reported.

Billionaire Crispin Odey has told the former Foreign Secretary he will have his backing to run for Number 10.

He told the Mail on Sunday: “I think Boris would be excellent once he became leader.

“We all know his weaknesses. But his strengths derive from those weaknesses. He makes quick decisions.”

Mr Odey has donated more than £1 million to the Conservative Party and the Vote Leave campaign, which was led by Mr Johnson.

(Image: Empics Entertainment)

He admitted the bumbling blonde Brexiteer would have trouble convincing Tory MPs to back him, but said he would be embraced by voters and party members.

He said: “We know that the politicians hate Boris. But then all the people hate politicians.”

Mr Odey’s fund grew by almost 20% in value in the year to June 2018, after he made huge bets against the value of Government debt bonds.

(Image: REX/Shutterstock)

The Financial Times described his strategy as betting “his entire fund on a spectacular market collapse”.

And last month he told Financial News he wanted to enter politics himself.

"You suddenly realise you've got to become politically involved again," Odey said. "I've wasted my time making money for the last 30 years and watching the body politic getting worse and worse."