Soccer: Deadline set but will it be game over

Terry Serepisos. Photo / Getty Images

Tomorrow looms as one of the most important in the history of the Wellington Phoenix football club.

It won't be decided by 11 players on a park or even the man in the middle who carries the whistle. It will come down to owner Terry Serepisos.

The High Court in Wellington has set a deadline of tomorrow for Serepisos to repay a $3.5 million debt to the IRD, who are threatening to liquidate five of his companies including the football business, Century City Football.

The ACC have also filed for liquidation of Century City Football over debts of $335,054.

Serepisos has been in court on the matter as many as four times previously, only for it to be adjourned. The judge said last month there would be no further extensions.

He had placed his hopes in a promised US$100 million loan from Western Gulf Advisory but, despite paying an administration fee of about $1.5 million, the money has not materialised.

Serepisos has said he had two other measures in place if the money wasn't forthcoming and tomorrow will reveal what they are.

Whatever happens, it should provide some much-needed clarity for the football club. No one there really knows what's happening and they cannot plan with any certainty. It's hardly surprising they haven't recruited any players in the off-season.

The delayed start to next season - it's due to kick off in October instead of August - has been a Godsend. It gives the club plenty of time to recruit if Serepisos survives and gives Football Federation Australia and New Zealand Football time to find a new owner if Serepisos is forced into liquidation.

There is widespread confidence new owners will be found if that happens. Rumours of potential buyers have circulated for some time, especially around Trade Me founder Sam Morgan and Infratil boss Lloyd Morrison, and some have even approached NZF to register their interest. However, there's a considerable difference between showing interest and following through.

No one has been prepared to go into business with Serepisos because he is seen as a maverick and, in truth, he probably didn't want help. He enjoys the profile that comes with being the owner of a football club.

The big difference between now and when the New Zealand Knights went under is the fact the Phoenix have largely been a success on and off the field.

They are viewed as one of the best clubs in the A-League and, together with the business potential on this side of the Tasman, the FFA want a New Zealand team to remain.

They don't want to see another club fall over after the collapse of the North Queensland Fury.

The licence will effectively pass to NZF but the FFA is the powerbroker. They will have to approve any new owner and are also likely to help pay players' wages, as they did when the Knights went bust.

It's not inconceivable that Serepisos could come up with an alternative plan to run the business that satisfies the FFA.

It's also possible he could hatch a plan to satisfy the IRD and remain solvent.

He is a survivor and has pulled a few rabbits out of hats before when things have looked terminal.

Throughout he's maintained his confidence that he can find a solution - but he's also maintained his confidence in the WGA loan coming through even as others warn him it's a scam.

NZF are an interested observer: "It's a private business and whatever he's doing is his business," NZF chairman Frank van Hattum said. "We haven't had any conversations about the ins and outs of it.

"I don't know what will happen and, like everyone else, am interested to find out. There's not much we can do until we know one way or the other. It would be great if Terry survived. I wouldn't put it past him. But I'm pretty confident something will happen regardless.

"We will do whatever we can working with Terry or someone else to ensure we don't lose a professional football franchise in this country."