Full Breakdown
Nigel Farage’s Reform Party Receives £77 million in Crypto Donations and Plots a YouTube “Reform TV” Channel, Raising Questions About GB News’s Future
By Drooid · · How we work
Core Event
In five months, cryptocurrency billionaires Christopher Harborne and Ben Delo have pledged a combined £77 million to Reform UK. The money is being funneled through Reform UK Party Limited, incorporated in early 2025. Reform officials plan to allocate part of the £72 million windfall to launch a YouTube outlet dubbed “Reform TV” (also called “Farage TV”), which would sit alongside GB News, where Farage is a top-paid presenter.
Background & Context
Farage presents on GB News, earning more than £600,000 since becoming an MP. The channel was founded by former BBC journalist Andrew Neil, whose backers include hedge-fund manager Paul Marshall and the Dubai-based Legatum Group led by Christopher Chandler. Since launch, these investors have absorbed £131.5 million in losses.
The UK government’s Rycroft Review of foreign financial influence was published in March, and Ian Cheshire has been appointed chair of Ofcom, succeeding Lord Grade.
Data & Statistics
- Crypto donations: £5 million from Harborne (initially undisclosed) and a pledged £36 million from Delo, later matched by Harborne, totalling £77 million.
- Reform UK cash reserves: £72 million reported as a windfall.
- Investor losses: £131.5 million absorbed by Marshall and Chandler’s investments in GB News.
- Overall subsidy: Combined with the crypto donations, total support to Farage’s project from the four identified individuals exceeds £200 million.
- GB News staffing cuts: About 90 jobs—roughly one-third of the workforce—were eliminated over the summer.
- Proposed Reform TV staffing: An initial target of 25 new employees, many to be recruited from GB News.
Official Statements & Responses
Andrew Neil has described GB News’s financial difficulties as a “Reform TV” problem, linking the channel’s viability to Farage’s political ambitions. Michael Crick, author of Farage’s biography, noted that Reform plans to upscale staff, campaign agents, and launch a professional YouTube channel that would bypass Ofcom’s impartiality rules. Crick reported that Geoff Marsh, former head of digital at GB News, has been contracted for a 100-day project to develop the platform, with expectations of hiring 25 staff members.
Why It Matters / Impact
A dedicated Reform TV outlet could divert viewership and advertising revenue from GB News, whose audience overlaps with Reform supporters. Operating on YouTube would keep the channel outside Ofcom’s broadcast regulations, allowing more overtly partisan content. The large crypto donations also raise concerns about transparency and foreign influence in UK politics, especially after the Rycroft Review. No formal response from Farage, Reform UK, or GB News regarding the planned YouTube channel has been reported.
Conflicting Reports & Gaps
Public sources provide detailed figures for the crypto donations and investor losses, but there is no official comment from Farage or Reform UK confirming how the £72 million will be allocated beyond the proposed YouTube channel. The exact timeline for launching Reform TV and its projected budget remain unspecified.