And the winners are......

The struggle for control of Britain's Daily and Sunday Telegraph newspapers has finally reached an end with their sale for �665m to the millionaire Barclay brothers.

BBC News Online examines what the sale means for the main protagonists and what the future may hold for one of Fleet Street's most venerable titles.

Who were the main bidders?

Sir David and Sir Frederick Barclay, owners of the Scotsman and the Business newspapers, as well as London's Ritz hotel, fought off rival offers for control of the Telegraph from some of the biggest names in newspaper publishing.

In the end, the contest came down to a two-way struggle between the Barclay brothers and venture capital group 3i.

But at one point, Daily Mail and General Trust, publishers of the Daily Mail; Richard Desmond's Express Newspapers and the German media group Axel Springer all had thrown their hats into the ring.

The sale was sparked in November last year by the ousting of Lord Black of Crossharbour as chief executive of Hollinger International - owners of the Telegraph group - following an internal inquiry into allegedly unauthorised payments to executives, including Lord Black.

The Barclay brothers have bought control of the Daily and Sunday Telegraph newspapers and the weekly Spectator magazine.

Isn't this the second time the brothers have secured a deal for the Telegraph?

Yes. In January, Lord Black announced he had sold his 30% stake and 70% voting rights in Hollinger International to the Barclay brothers for �260m.

Under a complex ownership structure, the company is controlled by Hollinger Inc, which is itself controlled by Lord Black's holding company Ravelston.

But the board of Hollinger International fought the sale, and the following month a US court overruled the private deal between Lord Black and the Barclay brothers.

Where does this leave Lord Black?

Licking his wounds, no doubt.

Lord Black stepped down as Hollinger CEO last year

The life peer is currently at the centre of a $1.25bn lawsuit brought by Hollinger International, which claims he used the Telegraph as "a cow to be milked" of cash to support his lifestyle. Lord Black denies these claims.

The Daily Telegraph reported on Wednesday that Lord Black may attempt to use his stake in Hollinger International to block the Barclays brothers' offer.

However, Hollinger believes it does not need the permission of a majority shareholder to see the deal through.

Where does the Telegraph stand on its new bosses?

Jeremy Deedes, deputy chairman and chief executive of the Telegraph group, said: "I am confident that we have ended up not just in safe hands, but with owners who have a great track record for nurturing, developing and investing in their acquisitions."

Of course, it is to be expected that the current management will embrace their new owners.

British newspapers have something of a reputation for the way cut-throat changes are introduced when new bosses take control.

But the Barclays brothers have a strong track record in their backing for newspapers. With no shareholders to answer to, the brothers are likely to take a long term view in the development of the Telegraph titles.

What will happen to the Telegraph's former sister publications, the Chicago Sun Times and the Jerusalem Post?

During the competition for control of the Telegraph, which was organised by investment bank Lazard, it became clear there was much less interest from bidders in acquiring the Sun Times and Post.

Hollinger International is understood to be retaining control of both titles following the sell-off of the Telegraph.

So, is it all plain sailing from here on for the Telegraph?

Hardly. When the Telegraph's new bosses take up residence at the newspaper's Canary Wharf offices, they will have more than the machinations of Lord Black to worry about.

While the Daily Telegraph remains Britain's biggest selling broadsheet newspaper, its circulation is currently flagging.

And then there is the question of the Telegraph's shared ownership of its West Ferry newspaper printing plant.