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The publication of the images by News Corp Australia on Monday comes after a reported bidding war to procure what's believed to be a set of photographs taken as the two former mates came to blows outside Packer's Bondi apartment on Sunday.
There are reportedly more than 50 photos in the set.
The billionaire businessman and the TV executive, who was best man at Packer's wedding, issued a joint statement insisting they remain friends after news of the fracas broke.
"We have been friends for 35 years and still are," they said.
"In that time we have had our fair share of ups and downs.
"We respect each other and neither of us will be commenting further."
Bondi resident Chris Walker, who claims to have witnessed the incident, tweeted about a "massive street fight" outside the Packer home on Sunday afternoon.
He later described the fight on his Facebook page.
"Holy crap, big street fight outside my house ... Not thugs, James Packer ... And some other angry bloke going toe to toe - total brawl ... Wow."
A witness told Ten News he heard Gyngell yelling on a phone that he was waiting for Packer, who arrived home a short while after.
No words were exchanged as the two "went at it hammer and tongs", Ten said the witness told them.
The fight lasted up to one minute and had to be broken up Packer's security guards and a limo driver.
The relationship between the two is said to have soured after Packer announced his separation from his wife Erica Baxter last year.
The incident also comes just days after Miranda Kerr, with whom Packer has been rumoured to be romantically involved, returned to Australia on May 2 on a promotional visit.
Other media reports suggest Packer believed that a Nine satellite news van had been parked outside his house.
Among a number of visitors to the Packer home following the incident was Lachlan Murdoch, who is a close friend of both men but also co-chairman of News Corp whose papers on Monday afternoon had published four of the brawl images with more to follow.
Police said later no complaints had been received in order for them to consider laying charges.