Inside the offices of Australia's best deal makers the atmosphere has been feverish this week as the focus has turned to one question: can billionaire media moguls Bruce Gordon and Lachlan Murdoch be beaten at their own game?

Gordon and Murdoch appear to be in the box seat to take out ownership of Australia's third-ranked television company, Ten Network Holdings, after it was placed in voluntary administration on Wednesday following the failure of board and management to secure a $250 million loan. The loan was a necessary lifeline to enable the network, which broadcasts shows such as Masterchef and Survivor and is home to the immensely successful cricket Big Bash League, to continue to pay wages and meet its other financial commitments.