The Daily and Sunday Telegraph and The Spectator magazine are set to be put up for sale after talks between their owners and lenders collapsed.
It came after the Barclay family, the billionaire owners of the Telegraph Media Group, denied that the business could face administration.
Lloyds Banking Group has appointed corporate finance advisory firm AlixPartners as official receivers for B.UK, the overall holding company controlled by the Barclays which owns the publications.
The lender will work with the receivers in a bid to secure the sale of the Telegraph and other titles to recover debts owed by the network of holding companies.
Sky News reported that advisers from Lazard will also oversee the proposed sale process.
AlixPartners said day-to-day running of the publications would “continue as normal” despite the process.
“The receivership over the shares in B.UK Limited is in no way related to the financial health or performance of the Telegraph or Spectator businesses and we do not anticipate any operational changes to the businesses or their employees,” AlixPartners said in a statement.
“Neither the Telegraph Media Group nor the Spectator are entering administration.”
Family members Howard and Aidan Barclay have been removed as directors of the business, it added.
Industry analysts have predicted the titles could be worth between £500 million and £600 million.
The family said that “speculation about the business entering administration is unfounded and irresponsible”.
A spokesman for the Barclay family said on Wednesday: “We note the public statement made by AlixPartners.
“We can confirm that discussions with Lloyds Banking Group remain ongoing.
“We hope to come to an agreement that will satisfy all parties.
“As AlixPartners made clear, this situation is in no way related to the financial health or performance of the Telegraph or Spectator businesses.”
Sir Frederick and his twin brother, Sir David Barclay, who died in 2021, bought the Telegraph newspapers in 2004 for £665 million.
Press Acquisitions is now run by Sir David’s son, Aidan, with other interests owned by the family including courier Yodel and online retailer Very.