Robinson sells off half his Staggers stake

The millionaire Labour MP Geoffrey Robinson, famous for lending his government colleague Peter Mandelson £373,000 to buy a house 10 years ago while under investigation for fraud by Mandelson's department, was said on Wednesday to be "very pleased" to announce that he had sold a 50 per cent stake in his left-wing magazine the New Statesman to the up-and-coming media entrepreneur, Mike Danson.

"Very pleased" is not the half of it: Robinson is rumoured to have blown £20m on the 'Staggers', as it is known in Labour and media circles, since he acquired the mag in 1996. It is not known how much cash Danson has put in - but anything would be good news to Robinson's bank maanager.

Danson, 45, is the founder of the business information company Datamonitor. He recently stood down as chief executive and sold his stake to the media group Informa. His interest in the Statesman will bring "considerable experience and expertise to the magazine", according to a statement.

The appointment might make it easier to find a new editor for the magazine. Down the years, the job has attracted such luminaries as Anthony Howard, Bruce Page and John Lloyd. But since the last editor, John Kampfner, walked out in February because of a lack of adequate financing, Robinson appears to have had difficulty filling the role. Steve Richards, chief political commentator for the Independent, was offered the job, but has turned it down.