Nigel Farage acknowledged that he held discussions about potentially resuming leadership of Reform UK several months before the next general election, a development that could challenge his earlier explanations regarding a £5 million ($6.7 million) donation from cryptocurrency entrepreneur Christopher Harborne.

Farage previously maintained that he was not obligated to disclose the substantial gift or other benefits provided by George Cottrell, a convicted fraudster, because he was not an active politician when he received these funds. According to the House of Commons code of conduct, newly elected members of parliament are required to register any significant benefits obtained within 12 months prior to their election.

At a press conference on Monday, Farage stated that while he initially had no plans to return to frontline politics or retake leadership of Reform UK, he did engage in discussions with then-party leader Richard Tice during the spring of that year. The conversations focused on understanding the potential liabilities associated with returning to the leadership role. Farage remarked, “You would be a bit of a mug if you were to walk into a job and not find out what the potential liabilities were, and they were substantial.”

Reports over the weekend indicated a clandestine arrangement involving Farage, Tice, and Cottrell aimed at facilitating his political comeback. Farage’s admission has prompted questions about whether he accurately represented the timing and nature of his political intentions when acquiring the donation.

Parliament’s standards watchdog had initiated an investigation into whether Farage breached parliamentary rules by accepting the £5 million and failing to properly declare it. However, this inquiry was put on hold after Farage resigned as the MP for Clacton, triggering a by-election scheduled for August 13.

The paused investigation leaves unresolved whether Farage’s conduct violated parliamentary financial disclosure requirements. His resignation and the forthcoming vote place the matter temporarily in abeyance amid ongoing scrutiny of political funding and transparency.