Russian billionaire and former KGB man Alexander Lebedev has joined Rupert Murdoch and Richard Desmond to become Britain’s latest press baron.

This week he sealed the deal on acquiring the Independent and Independent on Sunday, adding them to his London’s Evening Standard title and secured the backing of all three party leaders.

Independent News and Media will pay Independent Print Limited £9.25m over the next ten months to compensate them for future liabilities. The titles were bought for £1. Closing the papers would have cost INM an estimated £28 to £40m - losses last year totaled £12.5m.

The leaders are quoted in yesterday’s edition of the paper, which tells readers on page two that “the future of the Independent and Independent on Sunday was secured." Independent editor Roger Alton is expected to stay in his job.

Prime Minister Gordon Brown is quoted in today’s Independent saying:

"I welcome this news as it will bring stability and a secure future to these great newspapers."

Conservative leader David Cameron said:

"Our newspapers play a vital part in British democracy and it's good news that the future of The Independent and The Independent on Sunday has been secured by the Lebedev family."

Liberal democrat leader Nick Clegg said:

"Anyone who cares about pluralism in the British press will welcome the continued commitment to independent, campaigning journalism.

A healthy democracy depends on a press which includes a wide range of views and strong voices prepared to challenge vested interests and the powerful. I look forward to the Independent newspapers continuing to lead the way in doing just that."