Terry's neverending money issues

299 replies · 10,618 views

over 15 years ago · edited over 13 years ago

So let me get this straight.

Joel Griffiths has signed a Loan deal with us as part of Terry's arrangements with the IRD?

We've got the IRD by the balls, apparently

Apparently I'm apathetic, but I couldn't care less.

"Being a Partick Thistle fan sets you apart. It means youre a free thinker. It also means your team has no money." Tim Luckhurst, The Independent, 4th December 2003

Permalink

over 15 years ago · edited over 13 years ago

Jag wrote:

C-Diddy wrote:

So let me get this straight.

ï¿½

Joel Griffiths has signed a Loan deal with us as part of Terry's arrangements with the IRD?

ï¿½

We've got the IRD by the balls, apparently

He shoots ,
He misses
his name is Joel Griffiths?

Permalink

over 15 years ago · edited over 13 years ago

Quick question, How does Century City Football owe IRD if its not making profits? Is it just PAYE and Kiwisaver?

Permalink

over 15 years ago · edited over 13 years ago

Century city has other business that it makes profit from. But yeah paye and kiwisaver is a part of that too.

Allegedly

Permalink

over 15 years ago · edited over 13 years ago

Have there been any chants related to Terry's financial issues yet?Arsenal2010-11-20 00:51:36

Permalink

over 15 years ago · edited over 13 years ago

hahhahah, make some up.

Permalink

over 15 years ago · edited over 13 years ago

How about a big "In Terry We Trust" banner on Wednesday against Heart????? or just "We love you Terry, we do"

Permalink

over 15 years ago · edited over 13 years ago

On a slight tangent, when (if??) the crowds come back, they can have a "Where were you when we were broke" chant.

Permalink

over 15 years ago · edited over 13 years ago

tomrewi wrote:

How about a big "In Terry We Trust" banner on Wednesday against Heart????? or just "We love you Terry, we do"

Is that the love between a man and a woman? Or the love of a man for a cuban cigar?

Three for me, and two for them.

Permalink

over 15 years ago · edited over 13 years ago

Arsenal wrote:

Have there been any chants related to Terry's financial issues yet?

Dont know but a joke doing the rounds is that next year TV will be doing a new series, a blend of "The Apprentice" and "Master Chef"

Will be called "Cooking the Books"

Permalink

over 15 years ago · edited over 13 years ago

hepatitis wrote:

Arsenal wrote:

Have there been any chants related to Terry's financial issues yet?

Dont know but a joke doing the rounds is that next year TV will be doing a new series, a blend of "The Apprentice" and "Master Chef"Will be called "Cooking the Books"

Someone watched 7 days

Allegedly

Permalink

over 15 years ago · edited over 13 years ago

Tegal wrote:

hepatitis wrote:

Arsenal wrote:

Have there been any chants related to Terry's financial issues yet?

Dont know but a joke doing the rounds is that next year TV will be doing a new series, a blend of "The Apprentice" and "Master Chef"Will be called "Cooking the Books"

Someone watched 7 days

Always

Permalink

over 15 years ago · edited over 13 years ago

CboZ wrote:

Quick question, How does Century City Football owe IRD if its not making profits? Is it just PAYE and Kiwisaver?

Those in business will understand this. Basically business pays its tax 1 year in advance. If you have a great year followed by a hard year its a difficult year to deal with because you are expected to pay your tax based on the previous years income. It is possible to estimate your income and then adjust your tax payments accordingly but the penalties are pretty stiff if you get it wrong.
With respect to the Phoenix losing money each year this theoreticaly wont apply however you also still have issues regarding your income and how much you can get away with with respect to writing off of debt or showing losses against taxable income. Just because a business is losing money doesnt mean it doesnt have to pay tax.
With financial structures as big as terry's and the Phoenix it can be a quite complicated affair and simplistic views of how it all works can be misleading.

Permalink

over 15 years ago · edited over 13 years ago

Maybe we should be asking Auskiwi about this. Sounds a bit too complicated for us simple folk.

Allegedly

Permalink

over 15 years ago · edited over 13 years ago

Stack wrote:

CboZ wrote:

Quick question, How does Century City Football owe IRD if its not making profits? Is it just PAYE and Kiwisaver?

Ah ok, I get it now

Permalink

over 15 years ago · edited over 13 years ago

Terry's IRD debts are almost entirely PAYE, Kiwisaver and GST-related.

These taxes have no relationship to profit.

In fact Kiwisaver isn't even a tax.

CboZ if you have a quick surf around the IRD website (which is quite good) then you'll pick up what the basic framework is.

Incredible stamina. No shame. Yellow Fever.

Permalink

over 15 years ago · edited over 13 years ago

An application to liquidate four companies owned by Wellington tycoon Terry Serepisos has been adjourned until next year.

The applications were lodged by the Inland Revenue Department to liquidate five of his companies over $3.58 million in unpaid taxes and penalties.

Counsel representing IRD told the High Court in Wellington today that parties had entered into settlement negotiations and on that basis an adjournment was being sought to January 25.

The adjournment, granted by Judge David Gendall, was supported by ACC which is also owed money by Serepisos companies.

Among the money the tax department is seeking to recoup is unpaid Phoenix players' PAYE and KiwiSaver contributions.

Mr Serepisos said last month the financial burden from the Phoenix had been substantial, not helped by poor attendances this season and by the loss of a potential $250,000 sponsor as a result of "negative publicity" around his debts.

He remained committed to the club but was looking at options for selling up to 50 per cent of it to the public.

Founder

Permalink

over 15 years ago · edited over 13 years ago

Good news, I guess. I look forward to the Dom Post devoting the same space on tomorrow's front page to report this development as they did to the lodging of the initial application by the IRD.

Permalink

over 15 years ago · edited over 13 years ago

Good news apart from "and by the loss of a potential $250,000 sponsor as a result of "negative publicity" around his debts."

Permalink

over 15 years ago · edited over 13 years ago

"He remained committed to the club but was looking at options for selling up to 50 per cent of it to the public"

Anyone know any more about this and what it means?

Permalink

over 15 years ago · edited over 13 years ago

Still don't see how liquidating the Phoenix can bring any real money.

Surely players are the only real assets and they're dictated by the transfer window. Surely if the Phoenix had to end, the players wouldn't get game time, and no one would buy them OR they'd have release clauses which still means no money from the "assets"

Permalink

over 15 years ago · edited over 13 years ago

terminator_x wrote:

Good news, I guess. I look forward to the Dom Post devoting the same space on tomorrow's front page to report this development as they did to the lodging of the initial application by the IRD.

Don't hold your breath!!!!

Permalink

over 15 years ago · edited over 13 years ago

ForteanTimes wrote:

"He remained committed to the club but was looking at options for selling up to 50 per cent of it to the public"

Anyone know any more about this and what it means?

It means they'd be on the share market. So yes, YOU could be a part owner

Permalink

over 15 years ago · edited over 13 years ago

Quite liked hearing that Sam Morgan was interested in the cub just quietly
Can't see how the fans would want to pick up 50% of the club with what's been going on

Permalink

over 15 years ago · edited over 13 years ago

arnies wrote:

ForteanTimes wrote:

"He remained committed to the club but was looking at options for selling up to 50 per cent of it to the public"

Anyone know any more about this and what it means?

It means they'd be on the share market. So yes, YOU could be a part owner

That way we can all share the joys of losing a million dollars a season

Apparently I'm apathetic, but I couldn't care less.

"Being a Partick Thistle fan sets you apart. It means youre a free thinker. It also means your team has no money." Tim Luckhurst, The Independent, 4th December 2003

Permalink

over 15 years ago · edited over 13 years ago

ScoobyD wrote:

Good news apart from "and by the loss of a potential $250,000 sponsor as a result of "negative publicity" around his debts."

I don't like this either. if it's Sony, please stay, I'll buy something.

Permalink

over 15 years ago · edited over 13 years ago

Buffon II wrote:

tomrewi wrote:

How about a big "In Terry We Trust" banner on Wednesday against Heart????? or just "We love you Terry, we do"

Is that the love between a man and a woman? Or the love of a man for a cuban cigar?

A-hehehe (sorry, I don't know how to spell Dr. Hibbert's laugh).

Permalink

over 15 years ago · edited over 13 years ago

arnies wrote:

ForteanTimes wrote:

"He remained committed to the club but was looking at options for selling up to 50 per cent of it to the public"

Anyone know any more about this and what it means?

It means they'd be on the share market. So yes, YOU could be a part owner

No, it could still be a private company just with more than one owner. And "the public" would surely have to include a handful of really serious players who wanted to help out (Sam Morgan for example) as well as those small timers (like me!) who might try and scrape up a hundy just so they could say they were an "owner" of the Phoenix.

What I don't really understand is what there is to sell. As has been pointed out many times the Phoenix don't really have any tangible assets. What Terry is really doing at the moment is providing an addtional funding stream i.e. under-writing the club's losses. Any other owner would have to do the same?

I'm intrigued as to what the proposal might end up being.

Permalink

over 15 years ago · edited over 13 years ago

Morgan is not interested in being involved with the phoenix while Terry is part of the picture. End of.

Permalink

over 15 years ago · edited over 13 years ago

zonknz wrote:

Morgan is not interested in being involved with the phoenix while Terry is part of the picture. End of.

Fair enough. I just hope he's not one of the muppets sitting in the background going "I could fund that" or "I could run that better than Terry" or "when it falls over I could save it".

Because those people are DICKS.

Incredible stamina. No shame. Yellow Fever.

Permalink

over 15 years ago · edited over 13 years ago

Smithy wrote:

zonknz wrote:

Morgan is not interested in being involved with the phoenix while Terry is part of the picture. End of.

Fair enough. I just hope he's not one of the muppets sitting in the background going "I could fund that" or "I could run that better than Terry" or "when it falls over I could save it".

Because those people are DICKS.

No, they're not muppets. They're savvy business people who will buy something like the Phoenix when the club's for sale. Unencumbered.

Why buy half the club and leave the current - financially troubled - owner in control?

Note: I admire Terry for what's he's done up till now. There wouldn't be a Nix without him. But I suspect it's time for a change at the top.

Permalink

over 15 years ago · edited over 13 years ago

I'm looking forward to putting some money into the team

Permalink

over 15 years ago · edited over 13 years ago

Where were all these "savvy business people" when the franchise was originally up for grabs?

Apparently I'm apathetic, but I couldn't care less.

"Being a Partick Thistle fan sets you apart. It means youre a free thinker. It also means your team has no money." Tim Luckhurst, The Independent, 4th December 2003

Permalink

over 15 years ago · edited over 13 years ago

Jag wrote:

Where were all these "savvy business people" when the franchise was originally up for grabs?

Where were they? Making their money doing something else.

Just because they didn't 'invent' the Nix, doesn't mean they can't see advantages now in owning it.

Permalink

over 15 years ago · edited over 13 years ago

I'm not a businessman, so this is a genuine question. From a purely business point of view, what advantages are there in owning a business which loses around a million dollars a year and is very unlikely to ever turn a profit? Jag2010-12-14 12:36:46

Apparently I'm apathetic, but I couldn't care less.

"Being a Partick Thistle fan sets you apart. It means youre a free thinker. It also means your team has no money." Tim Luckhurst, The Independent, 4th December 2003

Permalink

over 15 years ago · edited over 13 years ago

Jag wrote:

Marketing in various forms - from the publicity it generates, to the client entertainment opportunities, to the networking possibilities.

Incredible stamina. No shame. Yellow Fever.

Permalink

over 15 years ago · edited over 13 years ago

scribbler wrote:

Smithy wrote:

zonknz wrote:

Morgan is not interested in being involved with the phoenix while Terry is part of the picture. End of.

Fair enough. I just hope he's not one of the muppets sitting in the background going "I could fund that" or "I could run that better than Terry" or "when it falls over I could save it".

Because those people are DICKS.

No, they're not muppets. They're savvy business people who will buy something like the Phoenix when the club's for sale. Unencumbered.

Why buy half the club and leave the current - financially troubled - owner in control?

Note: I admire Terry for what's he's done up till now. There wouldn't be a Nix without him. But I suspect it's time for a change at the top.

That is one view.

The alterate view is that actually they don't have the stones for it, or the money, or the savvy. So they sit in the background lobbing hand grenades in Terry's general direction and pretending that they could do it so much better.

Reality is, Terry's put his neck, testicles and businesses on the line essentially for our enjoyment. And he's done a fantastic job.

If you didn't read the DoomPost, you would look at the Phoenix as a model franchise. It is vastly better run than most of the others in the league.

People should have some rezpekt.

Incredible stamina. No shame. Yellow Fever.

Permalink

over 15 years ago · edited over 13 years ago

At the end of the day investing in the Nix is essentially philanthropy.

Even if the club ever did turn a profit would the investors want to take any of that out of the business? Probably not.

Permalink

over 15 years ago · edited over 13 years ago

Hopefully not.

I think when the next TV rights deal rolls around there's a reasonable chance clubs will become, at least in theory, viable.

Incredible stamina. No shame. Yellow Fever.

Permalink

over 15 years ago · edited over 13 years ago

I agree with you Smithy about the respect thing.

Hopefully the extra TV money will put the whole A-League on a better footing. I can equally see it just being swallowed up by player's salaries though.

terminator_x2010-12-14 15:14:41

Permalink

Terry&#039;s neverending money issues

Terry's neverending money issues