Photo / Getty ImagesAn investment firm has pledged to fund a buyout of James Packer's stake in Crown Resorts, potentially paving a way for the casino giant to obtain its Sydney gaming licence. 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 (CPH). Oaktree's proposal details an investment funding of nearly A$3 billion ($3.2b) to Crown in order to buy back "some or all" of the shares held by CPH. Findings from the NSW Independent Liquor and Gaming Authority inquiry also found Packer was not a suitable person to be associated with the casino. Crown said the board was yet to form a view on Oaktree's proposal but was assessing the potential deal.

Source: New Zealand Herald April 19, 2021 01:07 UTC