Bond was known for his role in the WA Inc scandals of the 1980s. He was also known for bankrolling challenges for the yachting trophy the America's Cup. Because of this he won the Australian of the Year in 1978, along with Galarrwuy Yunupingu. He finally won the trophy in 1983, which had been held by the New York Yacht Club since 1851. In 1987, he paid $1 billion for the Nine television network from Kerry Packer's PBL, before selling the network back to PBL in 1990 for $250 million. In 1997, he was sentenced to seven years in prison for fraud, and was released in 2000.