Editorial: Painful fall from grace

It would be a hard-hearted person indeed who does not feel a slight twinge of sympathy for former Wellington Phoenix owner and business high-flyer Terry Serepisos.

Mr Serepisos was declared bankrupt in the High Court at Wellington yesterday, after a last-minute plea for more time to pay his debts was rejected.

Associate Judge David Gendall granted an application by South Canterbury Finance, itself no stranger to media publicity over money matters, to declare Mr Serepisos bankrupt after he was unable to convince the court to allow him four more days to gain funding from a merchant bank in Hong Kong. Mr Serepisos owed South Canterbury Finance $22.5 million.

It's been a slow decline for the man who burst into the limelight in 2007, after securing a sub-licence to run a team in the A-League football competition.

No one but Mr Serepisos will know the exact circumstances where things went wrong for him, but it's a fair guess he is just the latest in a line of business people who have fallen on hard times during the global economic recession.

Financial climate aside though, the finger also needs to be pointed at Mr Serepisos, who ultimately was responsible for his business activities and their success or failure.

Nevertheless, it's worth taking a moment to consider all that Mr Serepisos has done for New Zealand football.

The Phoenix has been a credible performer in the A-League, quite the effort considering the history of failed New Zealand professional football teams that preceded it. Anyone remember the Football Kingz and the New Zealand Knights? Didn't think so.

The Phoenix reinvigorated football in this country, with the enthusiasm surrounding the franchise and the opportunity it provided for New Zealand's best young talent proving the flashpoint for the All Whites' success at last year's World Cup and the fan enthusiasm that surrounded it.

When rumours began to surface that Mr Serepisos was in financial difficulties and could lose control of the Phoenix, he was quick to highlight his own financial contribution to the club. Make no mistake though, Mr Serepisos has benefited from his personal largesse.

In 2007 he won the Wellington Sports Personality of the Year award, and in 2010 starred in the New Zealand version of the television show The Apprentice.

But all that is gone now, and Mr Serepisos' fall from grace is complete.

It's a sad ending for a man whose intentions appeared to be good, but unlike some, he will at least leave a legacy, albeit, one in the form of a football team.

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