Financial climate aside though, the finger also needs to be pointed at Mr Serepisos, who ultimately was responsible for his business activities and their success or failure.
Nevertheless, it's worth taking a moment to consider all that Mr Serepisos has done for New Zealand football.
The Phoenix has been a credible performer in the A-League, quite the effort considering the history of failed New Zealand professional football teams that preceded it. Anyone remember the Football Kingz and the New Zealand Knights? Didn't think so.
The Phoenix reinvigorated football in this country, with the enthusiasm surrounding the franchise and the opportunity it provided for New Zealand's best young talent proving the flashpoint for the All Whites' success at last year's World Cup and the fan enthusiasm that surrounded it.
When rumours began to surface that Mr Serepisos was in financial difficulties and could lose control of the Phoenix, he was quick to highlight his own financial contribution to the club. Make no mistake though, Mr Serepisos has benefited from his personal largesse.
In 2007 he won the Wellington Sports Personality of the Year award, and in 2010 starred in the New Zealand version of the television show The Apprentice.
But all that is gone now, and Mr Serepisos' fall from grace is complete.
It's a sad ending for a man whose intentions appeared to be good, but unlike some, he will at least leave a legacy, albeit, one in the form of a football team.
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