The Jewish Chronicle has been sold to a consortium fronted by Theresa May’s former director of communications, saving the historic newspaper following a brief but messy takeover battle.

The winning bid was led by Sir Robbie Gibb, a former BBC executive who worked in Downing Street throughout the Brexit negotiation process. It is also backed by a group including former charity commission chairman William Shawcross, ex-Labour MP John Woodcock, and journalist John Ware who made a recent Panorama investigation into allegations of antisemitism in the Labour party.

Others whose names are attached to the consortium include broadcaster Jonathan Sacerdoti and Rabbi Jonathan Hughes of Radlett United Synagogue, along with a number of financiers and lawyers.

Individuals involved in the deal said the new owners intend to reveal further details regarding who is providing the financial backing in the coming days, a detail which is currently unknown even to many of those closely involved in the newspaper. The intention is to transfer the ownership of the Jewish Chronicle into a trust in order to protect its future and follow a similar editorial line.

The newspaper was put into liquidation earlier this month by its long-term owners, the Kessler Foundation, who placed the blame for the decision on the already dire state of the media industry and the impact of the coronavirus pandemic on its financiers.

After telling staff that their jobs were at risk on the eve of Passover, the same management team then launched a bid to buy back the assets of the Jewish Chronicle and merge it with the rival Jewish News. The move would have wiped a large amount of debt and handed editorial direction of the merged publication to senior staff at the Jewish News.

However, they were outbid for the assets of the newspaper by the surprise counter-offer from the new consortium. This proposal won the public support of Jewish Chronicle editor, Stephen Pollard, who will now retain his job.

The new owners said the liquidators backed their bid because they were able to pay back creditors in full and provide better financial terms for the Jewish Chronicle’s staff.

The proposed merger with the Jewish News has now been abandoned, with that publication taken out of liquidation and remaining with its old owner.

The outgoing Jewish Chronicle boss, Alan Jacobs, said the new owners had pledged to invest millions of pounds in the outlet and would repay the private donors who saved the Jewish Chronicle when it was under threat last year. He went on to reference the publication’s recent coverage of the former Labour leader: “Those donors can be proud that their combined generosity allowed the JC to survive long enough to help to see off Jeremy Corbyn and friends, one of the greatest threats to face British Jewry in the JC’s existence.”

David Wolfson QC, who oversees the Jewish Chronicle Trust, which is charged with maintaining the independence of the newspaper, said his organisation had decided to back the new owners: “We have supported the process leading to the consortium’s ownership of the JC because we believe, in the current circumstances, that to be the best way to keep the JC’s heart beating.

“We trust that the consortium will maintain the high regard in which the JC has been held for the last 179 years. We wish Sir Robbie, the consortium, and everyone associated with the JC, well: chazak ve’ematz – be strong and of good courage.”