The debt-laden owner of Australian A-League football team Wellington Phoenix has handed control of the club to a rival business consortium, officials said Friday.
Football Federation Australia (FFA) confirmed property tycoon Terry Serepisos, who has debts of more than NZ$200 million ($158 million) and is striving to fend off bankruptcy, no longer owned the club.
FFA chief executive Ben Buckley said Serepisos had handed the Phoenix's licence to a consortium of Wellington-based executives, thanking the businessman for "putting the best interests of the club first".
"This is a selfless decision by Terry and will ensure (Phoenix coach) Ricki Herbert and his players can continue their preparations for the upcoming 2011/12 season without distractions," Buckley said in a statement.
"I would like to take this opportunity to specifically recognise and thank Terry for his commitment and passion for the game."
Serepisos took over New Zealand's only professional football team, then called the NZ Knights, in 2007, moving it from Auckland to Wellington and adopting the Phoenix name.
But Serepisos' has struggled with debts for the past year and last month submitted a proposal to the High Court to sell off Wellington properties worth NZ$230 million over the next two years to avoid bankruptcy.
The financial woes have reportedly resulted in some Phoenix players being paid late.
Buckley said the new ownership consortium was led by investment banker Rob Morrison and the executives involved were committed to keeping the club in the New Zealand capital.
"No doubt they will ensure Wellington Phoenix continues to prosper for the years ahead," he said.
Source: AFP
