Soccer: Phoenix may be saved by Spanish club owner

Phoenix owner Terry Serepisos. Photo / Getty Images

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 which 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.

- NZPA