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Sir Mohamed Mansour, the Conservative Party’s chief treasurer, announced on Saturday that 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 played a key role in raising further funds. His donation was the largest to the Conservatives since 2001.
He said The Independent:“I have had the honour of serving my country and my party since December 2022 and it has been a privilege to do so.
“Rishi Sunak has announced his intention to step down as party leader, and it is fitting that I step down at that time too. A new leadership team will bring fresh talent and new ideas to the task ahead of them: guiding the party on a path to renewal.”
The new seat adds to a long list of vacancies for the Conservatives, who are looking for a new leader in the wake of their worst election defeat in history. Key to their future after choosing an MP to lead them in opposition will be the need to replenish their coffers.
Mr Mansour was knighted by Sunak in a surprise honours list in March, alongside Demis Hassabis, founder of artificial intelligence company DeepMind, and filmmaking couple Christopher Nolan and Emma Thomas, who received a knighthood and a damehood. US businessman Ted Sarandos, co-chief executive of Netflix, was also given an honorary knighthood.
The 76-year-old billionaire is a naturalised British citizen who has donated to numerous charitable causes, including the King’s Foundation and a memorial for Covid victims. He was knighted for his services “to business, charity and political service”.
Mr Mansour has previously spoken highly of the prime minister, saying he “understands how growth is generated in the modern economy”.
He also served as transport minister from 2005 to 2009 under Hosni Mubarak, the former president who resigned during the Arab Spring of 2011. Mr Mansour resigned to return to business. He famously rose from rags to riches, losing his fortune twice to nationalisation by Egypt and Sudan, and rebuilding each time.
Mubarak, who died in 2020, was seen as an autocrat and was accused of maintaining his grip on power by repressing political opposition and stifling free speech.
Mr Mansour will continue to support the Conservative Party, but not as an active member of the party leadership.
He is also one of the biggest investors in US football, set to buy 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 Saudi Arabia’s £305m takeover of Newcastle in 2022.
He is expected to build the club from scratch by recruiting a full complement of players, staff and an academy, which sources say could add another $200 million to the bill.
