David Gyngell, the head of Australia's largest commercial Tv network, was embroiled in a bizarre fist fight with friend and multi-millionaire James Packer on Sunday (04May14).

Gyngell, Ceo of the country's Channel Nine network, traded blows with his close friend outside Packer's apartment overlooking Bondi Beach in Sydney.

Packer reportedly suffered a black eye and several broken teeth in the brawl, and Gyngell was left with severe bruising.

Photographers had been waiting outside Packer's apartment in the hope of catching sight of model Miranda Kerr, who is rumoured to be dating the businessman, but images and footage published by Sydney's Daily Telegraph show Packer and Gyngell grappling each other on the ground.

They have been best friends for more than 30 years but sources say tensions have arisen between the pair since Packer divorced Erica, his wife of six years, last year (13). Erica has since moved to the U.S. with the couple's three children.

Neither man has filed a complaint about the brawl and they put out a joint statement saying that they are still friends. On Tuesday (06May14), local police said they would launch an investigation into the incident.