Vale: Alan Bond
Former Nine Network magnate, Alan Bond, has died in Perth, aged 77.
- Published by David Knox
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Former Nine Network magnate, Alan Bond, has died in Perth, aged 77.
He died in Fiona Stanley Hospital after heart surgery complications.
Son John Bond said, “His body finally gave out after heroic efforts of everyone involved here at the intensive care unit at Fiona Stanley hospital.
“He never regained consciousness after his surgery on Tuesday.”
Bond had a rollercoaster ride in the public eye as businessman, backer of the nation’s historic America’s Cup win, and one-time owner of Channel Nine.
In 1987 Alan Bond paid $1.055 billion for Nine from Kerry Packer’s PBL, when Malcolm Turnbull was Packer’s lawyer.
In a 2003 interview Bond described the negotiations to Andrew Denton: “…Kerry thumped the table and said, ‘Listen, if you can pay me $1 billion, I’ll sell them to you, otherwise bugger off…’ then I rang the National Australia Bank. I said, ‘Look, I’m in discussions here to buy these television stations. Kerry will sell to me, and what I want to do is put our stations together and then, with Sky Channel, I’m going to float it off as a separate entity and raise the capital to pay for it… [Packer] said $1 billion [was his asking price], but I think I’ll get it for $800 million…’ [The bank manager] duly rang back and said yes. I said, ‘Thank God. I’ll go and have some further negotiations with Kerry,’ which I did. And true to his word, he never budged one penny off it. So I settled the deal with $800 million and a $200 million note. So he put his own $200 million in. So I had $1 billion. And we put our other two stations up as collateral, which were worth probably $400 million.”
60 Minutes producer Gerald Stone who continued to work at Nine after Packer sold, says Bond had “little attention span” and “obviously no interest” in the television business.
He recalls an annual meeting of Bond Corporation in Perth, when the key personnel at Nine were flown over to mix with executives from across the conglomerate.
“There were brewers, real estate agents and all the other things. I can remember as the drinks were flowing, a couple of not so junior executives coming over and saying ‘what’s Jana Wendt really like?’ We were just mixing with a very different culture,” he said.
After 1992 when Bond went bankrupt, Packer was able to turn the debt owed, into a 37% equity in Bond Media, which now included Channel 9 in Brisbane, and valued at about $500 million. Urban myths had put the buyback at $250 million.
Packer was later quoted as saying “You only get one Alan Bond in your lifetime, and I’ve had mine.”
Eventually Bond was bankrupted at $622 million, which still stands as the second-largest personal bankruptcy in Australian history.
Alan Bond also served time in jail for siphoning off $1.2 billion to prop up his ailing Bond Corporation.
“To a lot of people, Dad was a larger-than-life character who started with nothing and did so much,” said John Bond.
“He really did experience the highs and lows of life.
“To us, however, he was just Dad — a father who tried his best to be the best dad he could.”
10 Responses
He was a hero just once – back in 1983 when he and his team won the America’s Cup.
What he did before and after that historic event was appalling. I have no sympathy for him and as for the family – well they will inherit millions and continue to enjoy a very comfortable lifestyle.
I sure hope he doesn’t get a state funeral or the politicians make some big deal about him.
There are thousands – probably millions – of people whose lives were ruined by this man.
Lets spare a thought for them.
Even criminals have families…
Any attempt by any one to make him a hero ought to remember he ruined many lives by stealing their money and lived a life of luxury with their money
His no hero but his still a human being who we sadly lost like this, no one deserves to pass after surgey and not waking up. A lot of old people liked him, and I think his alright
In future, not necessary to say “old people.” You can just say “people” without the risk of sounding ageist.
Wow, really ageist? Didn’t know it was even a word. How else am I to refer to them? I wasn’t putting them down just said old people liked him more then the young, no need to get so PC on me, geez.
Just because I said people doesn’t make it ageist.
I love how ur trying to teach me. Lol. U can think whatever u like but I know what’s ageist, racist and homophobic.
Just as I know what is acceptable for publication on my own blog, thank you. But these are outlined under Comments Policy which everybody else abides by. I actually didn’t say you were ageist (definitions via Google) I said “old people” risks sounding ageist. Your comment was approved, along with some guidance for future use given I have had complaints from other readers. As you seem to take offence at this I will no longer provide feedback where moderating your comments. My taking the time to provide guidance is pointless if it is continually disputed.
But what I said wasn’t ageist at all, don’t know how it can be thought of like that.
Yeah I know u weren’t saying I was ageist I knew what u meant. That’s why I laughed thinking how can anybody thing i was being ageist is beyond me.
Really someone complained about me? Like why? Are we living in a nana country? People really need to get out more.
I’m not disputing anything, u can give me tips on how to not get my comments banned. And I have been listening to them, but not with my ageist comment because I know it’s not breaking any guidelines.
I wasn’t annoyed just thought it was funny when I can’t write anything on this site, I use ign every day and I would be the nicest person on that site. I’m not being crude, swearing or ep being offensive but if u think i am that’s fine 🙂
Thanks for helping
This marks the end of a dark chapter in WA and national history. The dead only deserve the truth. He was as bent as a dog’s hind leg-everything he did was with ‘other people’s money’ and when the musical chairs stopped, he was the one left sitting pretty, compared to every one else.
@Chuck128, Here, here! Fully agree! Never mind this “don’t speak ill of the dead” nonsense, that just makes hypocrites of us. Only his family will miss him, the rest of Australia is well rid of him. As for owning media, though. He did not own Ch.9. No-one can own a TV channel as it has no physical entity, it is merely a chunk of spectrum about 7Mhz in total(digital or analogue). Bond briefly owned Station TCN-Sydney and Station GTV-Melbourne before Packer bought them back at a bargain-basement price.