Image: Ron Walker handing the reins as Liberal Party treasurer to Malcolm Turnbull in 2002 (AAP)

Major Melbourne businessman, former lord mayor and ex-Grand Prix chairman Ron Walker has died, aged 78.

He was a key player in the development of Crown Casino and taking the Grand Prix to Melbourne from Adelaide.

And he was a media giant, chairman of Fairfax Media for several years.

The millionaire mogul had been battling a severe form of cancer for several years.

Harold Mitchell knew Mr Walker for some time and tells Ross Greenwood he was one of the bravest men he knew.

“It’s so sad,” he said on Money News tonight

“I saw him two, three times a year and he was looking more frail, but he was a fighter.”

He tells Ross Ron was tough, but was generous with his time and spirit.

“What a life, what an incredible man.”

Listen to the full interview