Crown acknowledged that it had received a “non-binding and indicative” proposal from Oaktree Investments to fund a buy back of shares owned by the billionaire’s private company Consolidated Press Holdings .
Oaktree would “provide a funding commitment of up to $A3bn to Crown via a structured instrument, with the proceeds to be used by Crown to buy back some or all of the Crown shares which are held by CPH on a selective basis …” Mr Packer’s influence over the Crown board as majority shareholder has been scrutinised by a NSW probe into the casino that determined the company was not suitable to hold a gaming licence in the state because of evidence of mismanagement and money laundering.Source:News Corp Australia