The only New Zealand club in the A-league, Wellington Phoenix, has become engulfed in the financial problems of its owner. The club is owned by Central City Football Ltd., a company in turn wholly owned by property tycoon Terry Serepisos.
The only New Zealand club in the A-league, Wellington Phoenix, has become engulfed in the financial problems of its owner. The club is owned by Central City Football Ltd., a company in turn wholly owned by property tycoon Terry Serepisos.
New Zealand’s Inland Revenue has filed court papers seeking $NZ3.58m in unpaid taxes and has applied to liquidate five companies owned by Serepisos, including Century City Football which is said to owe $NZ1.5m in PAYE tax deductions and other taxes. Sereposos said that the debt would be paid within three weeks through apartment sales, restructuring of the property portfolio and refinancing.
Serepisos has lost $NZ1.5m a season over the first three years of the Phoenix. He claimed that the introduction of new A-league television rights next year would see Phoenix break even.
He is also considering offering half the shares in the club to the public as a way of dealing with his financial problems.