Nine Entertainment takes a last shot to save cricket Will Nine drop the ball on cricket? NINE Entertainment is locked in last-minute negotiations on a deal that would help the broadcaster retain rights to the cricket. Executives at Nine are in crunch talks with representatives for regional partner WIN about buying the Nine Network stations in Adelaide and Perth. Nine's hedge fund owners, Apollo Global Management and Oaktree Capital, are also entering the fray as talks go down to the wire, BusinessDaily understands. The network, under chief executive David Gyngell, has its back to the wall as it fends off Ten's $500 million bid for cricket rights. WIN owns the Nine stations in Adelaide and Perth and, according to market speculation, is refusing to pay higher fees for cricket rights. Mr Gyngell (pictured right) is instead making a play to buy the two stations from WIN, giving Nine a bigger market - a crucial bargaining chip in negotiations with Cricket Australia. Nine owns stations in Melbourne, Sydney, Brisbane and Newcastle. The company must lodge its bid by Monday if its wants to continue its 36-year relationship with Cricket Australia. Ten surprised the market this month with the $500 million offer for rights over five years, well above the amount Nine and Fox Sports pay under the current deal - almost $60 million a year. Nine's US hedge fund owners have been locked in talks with Nine management deciding whether to match Ten's bid. Representatives from Apollo and Oaktree have been in Australia for several days for a Nine board meeting. Nine has the right to match or outbid competing offers for the next rights package. Apollo and Oaktree representatives are said to be reluctant for the broadcaster to match Ten's offer after Nine struck a $1 billion National Rugby League rights deal last year with Foxtel.