![Hoyts CEO Damian Keogh receive 18 month good behaviour bond.](/content/dam/images/g/v/z/i/i/n/image.related.afrArticleLead.620x350.gwg4sk.png/1496116867796.jpg)
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Hoyts chief executive Damian Keogh received an 18 month good behaviour bond after pleading guilty to cocaine possession.
Keogh pleaded guilty to possessing illegal drug, namely cocaine, on Tuesday. The guilty plea was accepted by the court and his case will not proceed to conviction.
The Cronulla Sharks chairman has also announced his resignation from the NRL club's board.
"With regards to the Sharks, I have decided to step down entirely from the board," Keogh said.
"I recognise my ongoing involvement with the club has the potential to be an unnecessary distraction," he said.
Keogh was charged with possession of cocaine after being allegedly found with a bag of white powder at the Bells Hotel in Woolloomooloo earlier this month.
Keogh's LinkedIn profile states he is still president and CEO of cinema giant Hoyts Group.
Possession of illegal drug charges carry a maximum penalty of two years in jail.
Keogh's defence barrister, Murugan Thangaraj, SC, told the court the former professional basketballer had been made a Member of the Order of Australia for his service to the community and sport.
Mr Thangaraj also said Keogh had loaned Cronulla more than a million dollars "in order to keep them afloat" and had led them from trouble to a premiership.
Magistrate Jane Mottley said Keogh was well-regarded and she took into account it was his first drug offence.
The magistrate told the court Keogh had been passed the drug by someone else.
"Someone of your age and experience should have simply passed it back," she said.
Also caught in the same drug swoop was Quentin Flannery, the son of Rich Lister Brian Flannery.
Keogh is the latest media executive to be implicated in cocaine use.
Former Seven West Media executive assistant Amber Harrison claimed the company's chief executive Tim Worner used cocaine to "heighten" his sexual experience, and allegedly texted her one night: "I think my performance was drug assisted. And if you can go dirtier I am slightly scared. But you are so f --- hot so I will take the chance".
Mr Worner denied ever using drugs in a work context, according to The Daily Telegraph reports.
With AAP