The party board held a five-hour meeting on Thursday where it is understood they were told no firm timetable had been agreed by the 1922 Committee executive.
Tory insiders fear that a lengthy leadership race to replace Rishi Sunak could end up bankrupting the party.
The fears of party bosses at CCHQ were articulated in the Telegraph, with senior figures fearing that a long leadership race would only add to the uncertainty over the future direction of the Tory party, making it unlikely that new donors will step forward.
The paper quotes one senior Tory source as saying: “It is a bit of a fool’s errand giving a million quid when you don’t know who is going to be in charge.
They continued: “Why would you give any money when you don’t know the direction the party is going in? The party could go in 10 different directions. There is a lot of uncertainty.”
While some figures within the party want a shorter leadership contest, others are said to favour a more drawn out process so that the party can come together after its worst defeat in its parliamentary history earlier this month.
The party board held a five-hour meeting on Thursday where it is understood they were told no firm timetable had been agreed by the 1922 Committee executive.
Those in favour of a shorter leadership race are said to prefer having someone in place by the end of the Tory party conference which is due to take place in September.
The Telegraph reports that the previous leadership contest between Sunak and Truss, which included organising events and hustings for the Tory membership around the country, cost the party over £1 million.
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