Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

UPDATE 1-Corporate regulator seeks action against former Tennis Australia directors

Published 19/11/2018, 10:05 am
Updated 19/11/2018, 10:10 am
© Reuters.  UPDATE 1-Corporate regulator seeks action against former Tennis Australia directors

(Adds background on broadcast contract, attempts to seek comment)

Nov 19 (Reuters) - Australia's corporate watchdog said on Monday it was seeking court action against certain former directors of Tennis Australia regarding a 2013 decision to award broadcasting rights to Seven West Media's SWM.AX Seven Network.

The Australian Securities and Investments Commission (ASIC) alleged that Harold Charles Mitchell and Stephen James Healy had withheld information from the Tennis Australia board when it decided in 2013 to award domestic broadcast rights for the Australian Open tournament to the Seven Network for a five-year period without a competitive tender process. (https:// had then paid more than A$100 million ($73.1 million) to secure the five-year contract to televise the Australian Open, one of tennis' four major grand slams.

The broadcaster's Channel 7 earlier this year lost the rights to televise the Australian Open to rival Channel 10, which belongs to Australia's Ten Network.

Seven and Tennis Australia could not be immediately reached for comment, and neither could the offices of Mitchell and Healy.

($1 = 1.3672 Australian dollars)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.