Sir Paul, an evangelical Christian who once stood to become a Liberal Democrat MP, has tacked steadily to the Right over the years, flirting with figures and causes that have made him a media bogeyman for the Left.

“I regarded it as my prime responsibility for 20 years to ensure [editorial independence], protecting the editor not just from outside pressures, commercial or political, but even from proprietors,” said Mr Neil.

“I cannot tell if the new owners will have the same reverence for editorial independence since they have not shared their thinking.”

Mr Neil, 75, told of his “sadness”, but in truth he was never going to be part of The Spectator’s future under Sir Paul.

The pair have a turbulent history. Mr Neil clashed with Sir Paul during the broadcaster’s short-lived tenure as chairman of GB News, into which the financier has pumped tens of millions of pounds of his own money.

The veteran presenter helped to launch the broadcaster but resigned after just three months following disagreements over the channel’s future direction.

Subsequently, Sir Paul was allegedly turned away from The Spectator’s summer party – a key event for Westminster conservatives – despite being a near neighbour as owner of UnHerd, an online-only rival publication based a few doors down on Old Queen Street.

Now The Spectator, which is closing in on its 200th birthday in 2028, and UnHerd, founded in 2017, will both be owned by Sir Paul’s Old Queen Street (OQS) Ventures.

Freddie Sayers, chief executive of the vehicle, said both publications will continue with “independent editorial and governance structures”.

“They have their own distinct politics, interests, formats, audiences and atmospheres which we want to preserve and help to flourish,” he said, making no mention of The Spectator’s editor Fraser Nelson.