s Packer has relinquished his majority shareholding in Australian operator Crown Resorts, selling approximately 4.8% of the group’s issued share capital, around 35m shares, for a reported AUD$448m.

The transaction, carried out by Packer’s private investment vehicle Consolidated Press Holdings (CPH), reduces Packer’s stake in Crown to 48.2%.

While Packer loses his controlling interest as a result of this sale to undisclosed investors, through CPH he will remain Crown’s largest shareholder.

The sale further diminishes his public role in the Crown Resorts business, having stepped down as Executive Chairman in August 2015 to be replaced by Robert Rankin.

The Australian Financial Review has reported that Packer will use the funds to pay down debt following the settlement of the Packer family empire with sister Gretel.

In a market statement, CPH governance said that the sale was “conducted as part of CPH’s financing and capital management strategy”, adding that it “remains deeply committed to Crown Resorts and is excited about the future for the company”.

Crown announced a significant programme of corporate restructuring in June, revealing plans to split its casino assets in order to alleviate the pressure placed on the operator by the flagging fortunes of the Macau Melco Crown division.