Could not bind port 80 on TMG with Windows Server 2008 R2 SP1

During a new implementation of a reverse proxy solution for Exchange Server 2010 OWA based on a Threat Management Gateway 2010 server. I encountered an issue where I couldn't bind port 80 for redirection to port 443. The server where i tried to install and configure TMG on was a Windows Server 2008 R2 SP1 machine.

The following post will guide you thought the issues i had and give you a solution to this problem.