Terry Serepisos
The owner of a Spanish soccer club is coming to the
rescue of Wellington's Phoenix soccer team after owner Terry
Serepisos announced plans to sell half the club.
The beleaguered property developer has been under fire with
bankruptcy and liquidation threats after it was revealed that
he was millions of dollars in debt and owed more than $3.5
millions in unpaid taxes.
However, he announced yesterday that his financial woes would
soon be over after securing a $100 million-plus loan as well
as selling half the Wellington Phoenix to Racing Santander
owner Ahsan Ali Sayed, The Dominion Post reported.
He said the move could open the way for Phoenix players to
progress to Spain's La Liga league, which boasts top class
clubs Barcelona and Real Madrid.
The multi-million dollar loan with Mr Ali's Bahrain-based
company Western Gulf Advisory would be confirmed by mid March
once some conditions had been met, Mr Serepisos said.
"I am doing the best for the Phoenix, the best for the city
and the best for football ... What could become of this for
football in New Zealand is huge. It's bigger than Ben Hur."
The loan would see him debt free and able to restructure his
Century City group of companies whiuch include the Phoenix
club, Mr Serepisos said.
Mr Ali said the loan negotiations had been "matured" and a
"conclusion" would be announced soon.
Five companies owned by Mr Serepisos -- including the one
that owns the Phoenix -- face liquidation by the Inland
Revenue Department for unpaid taxes of more than $3.5m. That
was put aside in the High Court at Wellington yesterday until
March 7.
The Indian-born Mr Ali said his interest in the Phoenix was
because he wanted to "help Terry Serepisos".
"If I could do that by merely sponsoring the Phoenix to make
it a little bit more liquid than it is today, then I would go
for that option. If that cannot be achieved...then I will
look into ownership...I am confident that I can do a deal
with Terry."
He confirmed that a 50-50 ownership contract was under
negotiation.
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