What's in the chancellor role for William Hague?

Why would a millionaire who lives in a country estate and has lots of thriving business and media interests want to be Chancellor at the University of Oxford, a ten-year responsibility?

And does Rotherham's best-known former politician need the pressure of being in a race for the position with potential candidates like Tony Blair, Peter Mandelson, and former Pakistani Prime Minister Imran Khan, who is currently serving ten years in jail?

The first thing to consider is that the appointment might feel like coming home.

William studied politics, philosophy, and economics at Oxford's Magdalen College from 1979-82, so he worked and socialised in his formative years there, aged between 18 and 21.

He is used to winning elections there - he was picked as President of the Oxford Union, a debating chamber famous for attracting historic guests such as Winston Churchill, Margaret Thatcher, Ronald Reagan, and Richard Nixon.

It must have been something of a change in step from his time at Wath-upon-Dearne Comprehensive School.

We can rule out financial compensation, for a job that dates back to 1224.

Will has bills - but is comfortably off and the compensation package, even at such a prestige seat of learning, is far from brilliant - there is no salary and only role-related travel and expenses are covered.

It seems clear that the one-time leader of the Conservative Party will be more attracted to the symbolism and influence that the role carries with it (and beating Blair wouldn’t hurt.) Being picked for a job once held down by Oliver Cromwell and the first Duke of Wellington would surely tempt him.

There's not a huge lot of work with it, either.

While Oxford regards it as a “key role” they also say being a Chancellor bears no executive responsibilities.

Commitments would involve presiding over ceremonies awarding honorary degrees to distinguished men and women and commemorating its benefactors.

And if the big wigs at the uni fall out the Chancellor - regarded as an “external figure of authority” - is called on for “advice and for arbitration if an insoluble dispute arises amongst its governing body”.

Hague served in the House of Commons for 26 years so he will be used to the odd squabble.

But he is far from favourite in the race.

Applicants from a diverse range of backgrounds were “warmly welcomed”.

Recently The Times revealed that some ministers felt there was an attempted “stitch up” to prevent another white male politician from getting the job (it became vacant after former chairman of the Conservative Party Chris Patten (80) announced his retirement after two decades in post.)

That has directed attention to Lady Elish Angiolini, who could become the first female chancellor in the role's 800-year history.

Applications closed on August 18 and voting by over 250,000 Oxford alumni will begin in late October.

The election will be the first to take place online.

Lord Hague, who once unsuccessfully stood as MP for Wentworth, has kept his counsel on whether he has applied, but the Financial Times claimed he had previously told friends he was “highly likely” to let his name be put forward.