Two of Ten Network Holdings' billionaire backers, Lachlan Murdoch and Bruce Gordon, have lodged a proposal to jointly bid for the troubled broadcaster with the competition regulator.

This manoeuvre is banned under current media ownership laws but the move could be in anticipation of potential reform in the coming months.

The move on Tuesday afternoon also makes clear their intentions to end up as the owners of Network Ten, which is currently in voluntary administration with KordaMentha. And receivers PPB Advisory were appointed by the Commonwealth Bank last weekend over a $200 million debt falling due in December.

Mr Murdoch and Mr Gordon, along with fellow shareholder James Packer, recently gave permission for KordaMentha to access a further $30 million from the CBA facility, which the three men have personally guaranteed. But this money is only available until August 31.