A new Crown will emerge from the ashes of its dysfunctional predecessor

He also understands a proper governance structure does not operate through ad hoc emails sent to an inner sanctum of executives and that reporting lines are not meant to look like a Picasso painting.

As well, based on Packer’s evidence he appreciates that the trusted executives from his private companies can no longer run the publicly listed Crown via some strange defacto outsourcing agreements.

He has also worked out that he can’t have unfettered access to every aspect of Crown’s finances and strategy (information that other shareholders don’t have) just because his underlings conjured up a shareholder protocol agreement.

Commissioner Patricia Bergin at the NSW probity inquiry reminded Packer on Thursday that the more conventional way of a major shareholder receiving information was through its nominees on the board.

Ironically Packer seemed to believe that having a small proportion of his own nominees on the board was worthy of some kind of governance medal for achievement.

The reality is that Packer didn’t need to dominate the board with his own representatives because, as the inquiry heard numerous times, the senior Crown management was either already operating under his instruction or on consignment from his private company, Consolidated Press Holdings (CPH).

And as for conflicts – two of the blokes that were hired from CPH to undertake executive-type tasks at Crown were also on the board of Crown. These were multiple hat wearers.

Packer understands that reporting lines are not meant to look like a Picasso painting.

Thus, the bizarre situation was created where some Crown board members were overseeing their own work.

Commissioner Bergin was apparently confused by this governance game of twister – as would be expected.

From Packer’s perspective his receipt of this treasure trove of detailed information on Crown was duly authorised.

And this included information Packer sought from former chief financial officer and later chief executive, Ken Barton, about Crown’s financial forecasts during the period in which the billionaire was attempting to offload part of all of his then-46 per cent interest in Crown. More controversial was his move to share this detail with would-be buyer, Lawrence Ho’s Melco.

Even Packer’s most loyal lieutenant, Michael Jonhston, conceded this created a few issues around perception. But it wasn’t just Crown’s unconventional governance structure that fed into what Bergin described as its dysfunction.

It was what Bergin dubbed Packer’s “powerful personality” and the resultant reluctance for management of his private company or Crown to deliver him bad news.

Packer suffers from bipolar disorder and has a renowned volatile temper.

(The inquiry heard that Packer made sufficiently menacing threats to a private equity executive who declined to provide $1.5 billion that the executive hired bodyguards for protection.)

Having acknowledged the failures that have occurred at Crown – from its engagement with tainted junket operators to ineffective anti-money laundering compliance – Bergin invited Packer to come up with a solution.

Packer took up Bergin’s challenge, suggesting these inside information sharing protocols with him would need to be ditched.

It is reasonable to guess that Bergin had already thought of that.

Packer’s next piece of advice was to have the board think whether the current managers were right for the job. In other words Packer is happy to throw Crown’s senior executives under the bus.

Then Packer helpfully offered advice about the implementation of shareholder caps. Presuming he would be subject to these, Packer is effectively offering to sell down his stake in Crown.

While that looks like a pretty large concession it should be viewed in the context that Packer spent six months attempting to offload all or part of his stake in 2019.

He understands the game is up and the high roller, Chinese VIP market is dead. It was this customer segment that was to bankroll his new Sydney casino.

He as much admitted that these days the economics of Barangaroo don’t stake up. It’s a “different world now” than in 2014 when the NSW government awarded Crown its Sydney licence. So being forced to sell down his stake in Crown may not be the punishment it would appear to be.

Lastly Packer said the board would need to be more independent than it had been in the past. That condition would be easily satisfied if Packer was prohibited from (a) owning such a large stake or (b) operating as a defacto king.

This would avoid any future “painful” and “shocking” periods that Packer says he and the board have endured.