Tory treasurer who gave party £5m quits role days after election defeat

Sir Mohamed Mansour said it ‘makes sense’ to step down after Rishi Sunak announced he was departing as Conservative leader

Sir Mohamed Mansour said it was time for fresh talent (Getty)

Sir Mohamed Mansour, the senior treasurer of the Conservative Party, announced on Saturday he was resigning from his post 10 days after Rishi Sunak’s election defeat.

The Egyptian-born billionaire had donated £5m to the party and had been a key player in raising other funds. His donation was the biggest for the Conservatives since 2001.

He told The Independent: “I have been honoured to serve my country and party since December 2022 and it has been a privilege to do so.

“Rishi Sunak has announced his intention to depart as party leader, and it makes sense for me to also step down at this time. A new leadership team will bring fresh talent and thinking to the task ahead: guiding the party on its path of renewal.”

It adds to the growing list of vacancies for the Tories as they seek a new leader in the aftermath of the worst electoral defeat in its history. Key to their future after selecting an MP to lead them in opposition will be the need to refill their coffers.

Mr Mansour was given a knighthood by Sunak in a surprise honours list in March last year alongside Demis Hassabis, founder of artificial intelligence company DeepMind, and filmmaking couple Christopher Nolan and Emma Thomas, who received a knighthood and a damehood. American businessman Ted Sarandos, the co-chief of Netflix, was also given an honorary knighthood.

The 76-year-old billionaire is a naturalised British citizen who has donated to many charitable causes including the King’s Foundation and a memorial for the victims of Covid. His knighthood was awarded for services to “business, charity and political service”.

Mr Mansour has previously spoken about the prime minister in glowing terms and has said he “understands how growth is generated in the modern economy”.

He also served from 2005 to 2009 as a transport minister in Egypt under Hosni Mubarak, the late president who quit office during the 2011 Arab Spring. Mr Mansour resigned to return to business life. He famously went from rags to riches, twice losing his fortune due to nationalisation by Egypt and also Sudan, each time rebuilding.

Mubarak, who died in 2020, was considered an autocrat and was accused of maintaining his grip on office by cracking down on political opposition and stifling free speech.

Mr Mansour will continue to support the Tory party but not as an active member of the party’s executive.

He is also one of the biggest investors in football in the US on the brink of buying a Major League Soccer franchise for a record $500m (£400m). The new franchise, based in San Diego, California, is the sixth biggest football deal in the world, behind Chelsea, AC Milan and Manchester United, but more than the £305m Saudi takeover of Newcastle in 2022.

He is expected to create the club from scratch by recruiting a full set of players, staff and an academy, which sources suggest could add an extra $200m to the bill.