Serepisos loses control of Phoenix to Wellington businessmen

Friday 23rd September 2011

Embattled property developer Terry Serepisos has lost control of the Wellington Phoenix A-league soccer club to a group of Wellington businessmen after failing to reach agreement with Football Federation Australia.

The new owner is Welnix, a consortium of businessmen including chairman Rob Morrison, Gareth Morgan, Lloyd Morrison, Campbell Gower, James Brown and Henry Tait. Welnix has taken a 5-year licence for the club and taken over all of its intellectual assets.

Rob Morrison said Welnix planned to get the club self-sustaining and running profitably. It will need some start-up funding to keep operating, he told a media briefing in Wellington today.

The Phoenix currently has 17 players, below the FFA minimum requirement of 20 players, NZ Herald reported.

Serepisos failed to convince the FFA that he had sufficient funds to bankroll the team for the coming season that starts on Oct. 9. He reportedly has debts of more than $200 million over his property empire.

Serepisos is planning his own media conference shortly. Welnix was incorporated on Sept. 14 and lists Rob Morrison as director and ultimate shareholder, according to the Companies Office.

(BusinessDesk)

BusinessDesk.co.nz

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