Bermuda billionaire in record Australia cricket rights deal
A $300 million TV deal between Australia’s Channel Nine and Bermuda-based billionaire Bruce Gordon will reportedly lead to the richest pay day in Australian cricket history.
Gordon lives on the Wreck Road, Somerset estate he bought from music impresario Robert Stigwood.
Australian media are reporting Channel Nine has won rights to broadcast Test and one-day international cricket for the next five years after matching Channel Ten's record $500 million bid.
“The move means Nine will broadcast this summer's Ashes campaign, continuing the network's 36-year association with cricket going back to Kerry Packer's World Series cricket revolution,” the Herald Sun reported online.
“Under the deal, Nine will pay about $80 million a year, while Network Ten will pay about $20 million a year for the Big Bash Twenty20 tournament.”
The paper continued: “Nine chief executive David Gyngell pulled off what many media analysts thought would be impossible convincing Nine's owners, US hedge funds Apollo and Oaktree Capital, to stump up a record amount to continue Nine's cricket heritage.
“He was only able to provide comfort to his owners by convincing Bermuda billionaire Bruce Gordon to sell two of his capital city stations owned by his regional Win network.”
This year Forbes reported on Gordon that “a sharp fall in the value of a large stake in troubled television company Ten Holdings (number one Gina Rhinehart, number three James Packer and Lachlan Murdoch are also shareholders) cuts his net worth for second year running”.
Forbes said Gordon’s Win Corp owns Australia's largest privately held TV network, where son, Andrew, is an executive.
His fortune peaked at $1 billion in 2007, the magazine said, adding “He lives on 26-acre estate in Bermuda for most of year”.