The Government missed the deadline to force a full investigation into Saudi investments in the Evening Standard and Independent newsbrands, a tribunal has ruled.

ESI Media, which represents both newspapers, said it was “delighted” by the Competition Appeal Tribunal’s decision, calling the proposed investigation “disproportionate” and “unfair”.

Then-Culture Secretary Jeremy Wright issued an intervention notice against Standard parent company Lebedev Holdings and Independent Digital News and Media in June after an investor with “strong links” to the Saudi state bought shares in both companies.