Soccer: Financial future is looking brighter

Terry Serepisos. Photo / Supplied

The Phoenix last night played their 100th A-League game but "significant" developments around owner Terry Serepisos' financial situation could ensure their future beyond another 100 games.

Serepisos has endured a difficult 18 months as the global recession hit, which put the club's future in jeopardy, but is said to be coming through it. He has restructured his business empire, which is expected to ease the cash-flow problems.

It has made the need for a Phoenix share offer or supporters' trust largely unnecessary. Serepisos said last year he was considering selling up to 50 per cent of the club to bring in cash but both options are off the agenda. They could be re-visited in the future.

"Over the next four weeks, you will see some significant developments which will return the club to the financial footing we need," Phoenix chief executive Nathan Greenham said. "It's something Century City [Serepisos' company] have been working on for a while that will come to fruition. It's huge."

Serepisos has struggled to pay some hefty bills in the past six months, including from ACC and the Wellington City Council, and he still has numerous debts.

In November, the IRD began court action to liquidate five of his companies over $3.58 million in unpaid taxes and penalties. This was adjourned after an agreement was reached over a repayment schedule and Greenham said it was "fair to assume" this was one area that would be resolved in four weeks. The Phoenix have lost an estimated $1 million-$1.5 million annually since being established in 2007 and are forecast to lose a similar amount this season.

But they are not alone - all 11 A-league clubs lost between A$1 million and $6 million last season - and the North Queensland Fury are in danger of being cut from the competition. Wellington are one of only a small number of clubs who haven't received a handout from Football Federation Australia.

The FFA are presently undertaking a strategic review of the A-League. There's a belief among the clubs the model is unfair and a bigger stake from TV rights would ease the pressures. Clubs presently receive A$1.2 million annually in TV rights but this could increase to A$2.4 million (the salary cap) after a new deal is struck at the end of next season. This would help the Phoenix get close to breaking even.

Wellington secured a new 10-year A-League licence last season but will make a concerted effort in the off-season to press their case to be eligible to play in either the Asian Champions League or O-League.

They are in the unique position of being a New Zealand club (Oceania) playing in an Asian competition. Both Asia and Oceania have said it's too difficult to include the Phoenix in their champions league.

"We have spoken to relevant parties in the Asian and Oceania confederations and it's time to lift things up a notch and approach Fifa to see where we sit," Greenham said.

"That will be on the agenda in the off-season."