The bid from the Independent has prompted controversy among unionists who are worried that its ethos might by diluted.

These fears have been met with a well-managed campaign aimed at assuring them of the Dublin based company's sensitivity to unionist concerns.

Measures which the Dublin based company have hinted at include the appointment of a local board which would include the Ulster Unionist party chairman, Lord Rogan.

It is also understood that should the Independent succeed in its bid, Belfast would report to the group's London based management rather than that in Dublin.

It may be a number of weeks or even months before the successful bidder is announced.

In the meantime, the Independent faces tough competition from the other contenders for the coveted title.