Michael Brown: Apprentice or a Survivor?

No second series for Terry Serepisos. Photo / Jason Dorday

If Terry Serepisos had been a contestant on The Apprentice, the show he fronted with his flashy white teeth and serious stare, he might have survived hearing the words, 'you're fired'.

You can't help but admire Serepisos' determination and commitment to hang in there. He refuses to yield and on Thursday staved off, yet again, extinction with the executioner sharpening his blade in the background.

He owes the IRD $3.5 million in unpaid taxes but, despite the threat of liquidation, had court proceedings adjourned once more until April 18.

The end might still come. He still has massive debts to pay off and serious doubts exist about his ability to meet these but somehow you wouldn't count against him finding the money and surviving. Again.

He has pinged his hopes on restructuring his empire on the back of a US$100 million loan from Western Gulf Advisory but his confidence the money will materialise is not widely shared. Few in New Zealand will lend him money because he has already leveraged himself so heavily, forcing him to look offshore and into the arms of an individual whose credibility is being widely questioned.

Many others would have assumed the foetal position and given up by now. Not Serepisos. It's not his style. This stubbornness is probably one of his weaknesses but also one of his strengths. Every time it looks like the end is near, he pulls it back from the brink.

He's not only battling against the worst economic crisis in 70 years, but also many people who want to see him fall over. Many have been gunning for him for years - and his appearance on The Apprentice did nothing to quell this - but have so far failed. It's difficult to know how and under what circumstances this might end.

Although the Wellington Phoenix are only a small part of his business empire, it exists as the public face of Brand Serepisos. Most in this country will care little if Serepisos goes bankrupt but many care about the continued existence of the Phoenix.

It simply has to. New Zealand will never have another professional team - certainly not in the medium term - and can't afford to lose this one. It provides a pathway for young New Zealand players like Marco Rojas and an outlet for fans who want something a little closer to home than Manchester United or Liverpool.

There's widespread confidence someone or some organisation will buy the club if Serepisos was forced to sell. But it would pain him to do this.

For him, it seems to be as much about his ego as anything. He enjoys the limelight - it was once said he could wallpaper a house with copies of his social pages appearances - and enjoys being painted as the saviour of New Zealand football.

It's a title that has some merit, after he rode in to save New Zealand's professional outfit in the final hours as the closed signs were about to be hung. It's also questionable the All Whites would have qualified for last year's World Cup without the Phoenix.

But Wellington need increased investment to help them go from good club to very good club. They operate on a skeleton staff, their marketing is largely non-existent and uncertainty around their future affects their ability to retain and recruit players. Players like stability and solidity - they like to know they will get paid and on time.

Because he's seen as something of a maverick, however, few, if any, would be prepared to go into business with him. The model of a single owner in the A-League doesn't work but, as much as people want to invest, they won't do it with Serepisos as the majority shareholder. He is seen as too much of a risk and too controlling to allow others to make meaningful decisions. He needs help financially but who would be prepared to invest under those circumstances?

He could sell off a few of his assets to raise the cash he is so desperately short of and lead an extremely comfortable existence. But it's not how businesspeople at this level operate. It's about having more than the next person, rising a notch or two on the rich list.

You get the sense Serepisos will survive, despite logic and economic realities. The economic downturn can't last forever.

The Apprentice was all about surviving for another week and few have done it as well as Serepisos. Ultimately, however, it's not a great business model for a football club.