Lord Lebedev, a dual British-Russian national who adopted the title of Baron Lebedev of Hampton and Siberia, has long been a divisive figure in the Evening Standard newsroom. He has attracted derision for his penchant for being pictured with celebrities.

His sometimes eccentric management of the title, which included appointing George Osborne as editor, drew more serious concern as its finances deteriorated. The 2019 decision to bring in Saudi investment further alienated some journalists.

As the Evening Standard prepares to go weekly next month, staff told Lord Lebedev: “While we understand the significant financial contribution that you have made to the Standard, we hope, in turn, that you are aware of the massive efforts and sacrifices that the team have made to keeping the paper going in the most difficult of circumstances and with the most meagre of resources.”

But in a response sent on behalf of Lord Lebedev, Evening Standard chairman Paul Kanareck insisted the company was meeting all its obligations and refused to reconsider the redundancy terms.

He wrote: “Unfortunately, there is no flexibility in the financial plan as we have to ensure we appropriately fund the business post these changes to move the business to profitability.”

Bosses have since offered to improve the terms for the longest-serving staff, offering at least an extra £1,000 to those who have worked at the newspaper for more than a decade.

The dispute threatens to bring the Evening Standard’s 200-year history in print to an acrimonious end.

Lord Lebedev said: “I and the other shareholder have been funding jobs through the last seven years of losses, jobs that would have not existed otherwise.”

He recently used his third speech in the House of Lords to promote anti-ageing research, an interest he also pursues as a trustee of Hevolution, a Saudi non-profit chaired by Crown Prince Mohammed bin Salman.