Howard Marks’ private equity giant Oaktree has sensationally inserted itself in the fight for the future of Crown Resorts, throwing down an offer that could spur Mr Packer to sell down his controlling stake in the company.

Oaktree’s unsolicited $3 billion proposal – through a yet-to-be-determined mix of debt and equity – is an attempt to stymie US rival Blackstone’s $11.85 per share bid to takeover the casino giant, setting the stage for a potential face-off between the US giants.