NBR understands that, as part of the security for this loan, Mr Serepisos signed share transfer forms giving Mr Dunajtschik 55% of the Phoenix. These forms not yet been filed with the Companies Office.
This might sound like a technicality but I actually think it is quite important. If he has a 55% stake in anything to do with the Phoenix it will be Century City Football. Terry doesn't own the Phoenix, he owns CCF which holds the licence to participate in the A-league, it can be taken away by FFA. I'm not sure the (temporary) licence can even be sold/passed on without FFA approval??? This doesn't really sound quite right.