Soccer: 'Terry is gone for all money'

Terry Serepisos. Photo / Getty Images

The financial noose is tightening around Terry Serepisos with suggestions the Wellington Phoenix owner has little time to sort out his finances or risk putting the club in serious jeopardy.

The property tycoon has seen his empire disintegrate over the past two years and many are astounded he has lasted this long. But now it's understood there isn't enough in the kitty to pay club bills - let alone recruit another six players, two assistant coaches and more front office staff.

The club employs four administration staff, 14 players and Herbert and, while wages are understood to have been paid, Serepisos is struggling to pay other bills. It's thought he has maybe two weeks before the club enters dangerous territory.

Already two of his companies have been placed into receivership and moves have been taken by lenders Real Estate Credit (a subsidiary of Pyne Gould Corporation) to take over another, the Todd Building, one of the jewels in his crown. His lawyer, Justin Toebes, is no longer acting for him.

Serepisos remains convinced a US$100 million loan from Western Gulf Advisory will materialise, even though it is nearly four months since he first declared the rescue package was just days from becoming reality. He has paid close to $2 million in fees but WGA have refused monies on the basis Serepisos' empire is changing nearly daily.

"Terry is gone for all money," one insider said. "He's in such a big hole now there's no way he can get out of it. The hope is now that he's sensible enough to step aside from the Phoenix rather than let it die by a death of 1000 cuts, which is what it's going to become.

"It's not even run on the smell of an oily rag now. It's not even running on anything. There's no money to spend, there's no staff. They are just not going anywhere. For the sake of the club, Terry needs to get out."

A gaggle of potential replacement owners are said to be lining up in waiting. Rumours have linked Colin Giltrap, Sam Morgan, Lloyd Morrison, Gareth Morgan and Sir Bob Jones with the club but no one has confirmed an interest.

New Zealand Football have been approached by as many as six potential investors but interest is different to commitment. Plenty were interested in the New Zealand Knights, too, but dropped away before Serepisos emerged at the last minute. Few would be prepared to go into business with him because he is seen as a maverick.

But there is no club to take over while Serepisos remains owner. He holds the licence and this would revert to the Football Federation Australia should he default or have it stripped from him. NZF would merely help in finding a new owner if required.

NZF chairman Frank Van Hattum has sworn "on my children's lives" he hasn't been in contact with Giltrap about taking over at the Phoenix or moving the base to Auckland. Wellington City Councillor John Morrison says he has.

Regardless of whether Giltrap is interested in the club - something his son Richard denies - Morrison turned it into an Auckland vs Wellington debate which mobilised fans in the capital; perhaps even helping to engender support to keep the Phoenix there.

NZF would like to see a couple of games a season played elsewhere in New Zealand. One is expected to be in Christchurch and another in Auckland next season, to help increase revenue. There are also plans to play a couple of pre-season games on the road but it would be foolish to split A-League games around the country and erode the traditional fan base.

Wellington Central MP Grant Robertson, who is an avowed sports fan, wants to see the Phoenix stay in the capital.

"The club is Terry's ... but if the situation arises that he can't go on, I'm confident there are people in Wellington who will step up to keep the franchise here," he said.

Remaining largely silent throughout has been the FFA, who have previously jumped in to help Perth, North Queensland, Adelaide and Newcastle at the first sign of trouble.

A-League boss Lyall Gorman visited Serepisos earlier this week and left "full of confidence" in Serepisos and the future of the Phoenix.

"[I] have a lot of confidence in the statements he tells me about his capacity to work through the challenges at hand," Gorman told the Dominion Post.

The FFA believe they can't be seen to be propping up the Phoenix because it wouldn't go down well across the Tasman. Their view is it's a New Zealand problem and, as such, should be sorted out by NZF. NZF, however, don't believe it's their business to help run a football club and won't spend cash reserves on the club.

Van Hattum said they had had "general discussions" with various parties about what would happen if the club went bust but had not actively sought an alternative.

"It's Terry's club," he said, "and he can run the club how he likes."