Citigroup hands EMI owner second bite

EMI owner Guy Hands has reportedly been offered a deal to buy back the struggling music group in a second-chance deal to keep the business.

US bank Citigroup is said to be poised to take control of EMI as Hands battles to repay money used to buy the record company four years ago.

But Citigroup is understood to be offering Hands a deal that would see him buy back the firm for around 1.6 billion should the bank seize control.

EMI is the company behind artists such as Lily Allen and Robbie Williams. Citigroup was not available for comment.