Soccer: Serepisos says has settled some debts

Terry Serepisos. Photo / Getty Images

Property developer and owner of the Wellington Phoenix football team, Terry Serepisos, says he has settled some of his debts and has come up with a company restructuring plan to sort out his money woes.

He was also likely to sell to fans a part share of the Phoenix before the start of next season, the Dominion Post reported.

The private and confidential negotiations between Mr Serepisos' Century City company and it's financiers would release equity and give a platform for the company to grow and provide the potential for new projects, he said.

The Phoenix loses about $1.5 million a year but his liability could be lessened if fans buy part ownership of the football club.

"I'm definitely looking at it but we have to wait until next season."

Mr Serepisos has been under financial pressure - last month the Inland Revenue Department issued liquidation proceedings against five of his companies - including the one that owns the Phoenix - for $3.5m in unpaid taxes.

However, legal action was stopped after an agreement was reached between the parties to sort out payment.

- NZPA