Shortly after the station began broadcasting, Australian entrepreneur Robert Holmes à Court – via his Bell Group – started the process of acquiring ACC, but was halted by the IBA, since the law prohibited foreign companies from controlling British television companies. By March, a rival bid from Gerald Ronson's Heron Corporation also entered the race to takeover ACC. In April 1982, ACC was taken-over by Robert Holmes à Court, with the IBA approving the deal in June on condition that ACC's 51 percent stake in Central be put in trust, thus divesting ACC of all voting power until it had reduced its shares in the broadcaster.