Part = 1-99%
if you sell a share in the club to another club in Australia, what is the end game? It's that club taking over our license. There is no way that an Aussie club buying a share in the Phoenix is doing it for any other reason other than it's a back door into the A-League.
But isn't this only an issue if:
a) WelNix are actively looking to sell a share to a club in Australia; and/or
b) they actually tried to, and it was blocked.
But neither of these is true, or even inconsistent with what WelNix have said to date - which is, they are willing to look at other potential investors to help out (and unfortunately, there's not a lot of those in NZ lining up). So they received an offer from a potential investor, considered it, and decided it wasn't the right fit and rejected it. There's nothing more to it than that.