The £11.5 billion sale of Virgin Media has been thrown off course by the crisis in the debt markets, the company conceded yesterday.

The television and telecoms group announced that the sale process would be extended until a "more stable debt market environment" had emerged.

Virgin refused to detail when it thought that time might come. However, some believe it will be at least October, meaning the formal auction for the quadruple-play group - which was meant to kick-off this month with first-round indicative offers - may not get under way for at least two months and possibly longer.

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