Ares Management (ARES) is seeking a multi million pound upfront payment from BT Group in exchange for supporting a potential takeover of struggling broadband provider TalkTalk, as the company faces a possible administration filing, Sky News reported Monday.

Ares, which has provided more than 380 million British pounds ($502.4 million) to TalkTalk since 2024, has also indicated it would consider taking control of TalkTalk's retail business instead of receiving full repayment of its super-senior debt, according to the report.

BT is said to have made at least two offers to Ares, including an initial proposal in the low tens of millions of pounds and an improved bid, both of which were rejected, the report said.

Ares, BT and TalkTalk did not immediately respond to MT Newswires' request for comment.

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