Soccer: Loyal Herbert waits for pay

Terry Serepisos. Photo / Supplied

Phoenix coach Ricki Herbert hasn't been paid for several weeks as Terry Serepisos struggles to pay his bills.

But Herbert is understood to be comfortable with the situation because of his loyalty to the embattled Phoenix owner.

The pressure on Serepisos has been mounting in recent times. His personal wealth is estimated to be around $140 million but he is asset rich and cash poor and debtors continue to come knocking on his door.

The Inland Revenue Department recently filed court action to liquidate five of Serepisos' companies - including Century City Football, which owns the Phoenix - over unpaid tax amounting to $3.58 million.

This came on the back of a move by the ACC in September to liquidate the Wellington club over $261,000 in outstanding payments as well as unpaid rates bills with both the Wellington and Hutt city councils.

Last month, he reached an out-of-court deal to settle $8.95 million owed to Canterbury Mortgage Trust.

Serepisos has promised to pay his tax bill soon but it has meant Herbert hasn't been paid for some time.

Herbert is comfortable with the situation because of a sense of loyalty he feels to Serepisos, who appointed him as Phoenix coach soon after he bought the club in 2007 and has backed Herbert even in difficult times. He has also been largely supportive of Herbert continuing in his dual role as All Whites coach.

There appears to be an understanding between the two Herbert will be paid once that Serepisos' financial situation eases.

Players and backroom staff have often had wages paid a day or two late but never weeks in the case of Herbert, who signed a new and improved one-year extension on his return from the World Cup reportedly worth in excess of $200,000 a year.

It's not believed any players have missed payments in recent weeks, although some staff are understood to be nervous about the deepening financial strife Serepisos is finding himself in and are considering getting out before they think it is too late.

Wages and holiday pay for employees is among the first to be paid if a liquidator is appointed and a company's assets sold off to pay debts.

No one other than Serepisos knows the full extent of his financial situation. He continues to pay his bills, albeit late in many instances, and while he does that can run his football club however he likes. Finding $3.58 million, however, is not an insignificant task.

There have been persistent rumours Trade Me founder Sam Morgan and Infratil boss Lloyd Morrison are willing to step in should Serepisos look to sell the club but he would be an unwilling participant. He has long talked about being in the Phoenix for the long haul and enjoys the profile it gives him.

Others are said to be willing to invest in the Phoenix but not while Serepisos is involved.