BARRY O'FARRELL will stand down as NSW premier after accepting he did receive a $3000 bottle of wine from a Liberal Party donor.
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Mr O'Farrell gave evidence to the Independent Commission Against Corruption on Tuesday denying he had received the gift.
But this morning Mr O'Farrell held a media conference to say he now accepts he did receive the $3000 bottle of 1959 Grange Hermitage and had signed a thank you note for the wine .
Mr O'Farrell will formally step down as the leader of the Liberal Party at a party next week.
Liberal MPs will elect a new leader who will then become premier.
BREAKING NEWS: Barry O'Farrell to stand down as premier
