Terry and his money (aka gone...or not..)
a.haak
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Things are apparently looking a bit better on this front:
Financial future is looking brighter
By Michael Brown 5:30 AM Sunday Feb 6, 2011
The Phoenix last night played their 100th A-League game but "significant" developments around owner Terry Serepisos' financial situation could ensure their future beyond another 100 games.
Serepisos has endured a difficult 18 months as the global recession hit, which put the club's future in jeopardy, but is said to be coming through it. He has restructured his business empire, which is expected to ease the cash-flow problems.
It has made the need for a Phoenix share offer or supporters' trust largely unnecessary. Serepisos said last year he was considering selling up to 50 per cent of the club to bring in cash but both options are off the agenda. They could be re-visited in the future.
"Over the next four weeks, you will see some significant developments which will return the club to the financial footing we need," Phoenix chief executive Nathan Greenham said. "It's something Century City [Serepisos' company] have been working on for a while that will come to fruition. It's huge."
Serepisos has struggled to pay some hefty bills in the past six months, including from ACC and the Wellington City Council, and he still has numerous debts.
In November, the IRD began court action to liquidate five of his companies over $3.58 million in unpaid taxes and penalties. This was adjourned after an agreement was reached over a repayment schedule and Greenham said it was "fair to assume" this was one area that would be resolved in four weeks. The Phoenix have lost an estimated $1 million-$1.5 million annually since being established in 2007 and are forecast to lose a similar amount this season.
But they are not alone - all 11 A-league clubs lost between A$1 million and $6 million last season - and the North Queensland Fury are in danger of being cut from the competition. Wellington are one of only a small number of clubs who haven't received a handout from Football Federation Australia.
The FFA are presently undertaking a strategic review of the A-League. There's a belief among the clubs the model is unfair and a bigger stake from TV rights would ease the pressures. Clubs presently receive A$1.2 million annually in TV rights but this could increase to A$2.4 million (the salary cap) after a new deal is struck at the end of next season. This would help the Phoenix get close to breaking even.
Wellington secured a new 10-year A-League licence last season but will make a concerted effort in the off-season to press their case to be eligible to play in either the Asian Champions League or O-League.
They are in the unique position of being a New Zealand club (Oceania) playing in an Asian competition. Both Asia and Oceania have said it's too difficult to include the Phoenix in their champions league.
"We have spoken to relevant parties in the Asian and Oceania confederations and it's time to lift things up a notch and approach Fifa to see where we sit," Greenham said.
"That will be on the agenda in the off-season."
By Michael Brown | Email Michael
http://www.nzherald.co.nz/soccer-football/news/article.cfm?c_id=86&objectid=10704476
By Michael Brown 5:30 AM Sunday Feb 6, 2011
The Phoenix last night played their 100th A-League game but "significant" developments around owner Terry Serepisos' financial situation could ensure their future beyond another 100 games.
Serepisos has endured a difficult 18 months as the global recession hit, which put the club's future in jeopardy, but is said to be coming through it. He has restructured his business empire, which is expected to ease the cash-flow problems.
It has made the need for a Phoenix share offer or supporters' trust largely unnecessary. Serepisos said last year he was considering selling up to 50 per cent of the club to bring in cash but both options are off the agenda. They could be re-visited in the future.
"Over the next four weeks, you will see some significant developments which will return the club to the financial footing we need," Phoenix chief executive Nathan Greenham said. "It's something Century City [Serepisos' company] have been working on for a while that will come to fruition. It's huge."
Serepisos has struggled to pay some hefty bills in the past six months, including from ACC and the Wellington City Council, and he still has numerous debts.
In November, the IRD began court action to liquidate five of his companies over $3.58 million in unpaid taxes and penalties. This was adjourned after an agreement was reached over a repayment schedule and Greenham said it was "fair to assume" this was one area that would be resolved in four weeks. The Phoenix have lost an estimated $1 million-$1.5 million annually since being established in 2007 and are forecast to lose a similar amount this season.
But they are not alone - all 11 A-league clubs lost between A$1 million and $6 million last season - and the North Queensland Fury are in danger of being cut from the competition. Wellington are one of only a small number of clubs who haven't received a handout from Football Federation Australia.
The FFA are presently undertaking a strategic review of the A-League. There's a belief among the clubs the model is unfair and a bigger stake from TV rights would ease the pressures. Clubs presently receive A$1.2 million annually in TV rights but this could increase to A$2.4 million (the salary cap) after a new deal is struck at the end of next season. This would help the Phoenix get close to breaking even.
Wellington secured a new 10-year A-League licence last season but will make a concerted effort in the off-season to press their case to be eligible to play in either the Asian Champions League or O-League.
They are in the unique position of being a New Zealand club (Oceania) playing in an Asian competition. Both Asia and Oceania have said it's too difficult to include the Phoenix in their champions league.
"We have spoken to relevant parties in the Asian and Oceania confederations and it's time to lift things up a notch and approach Fifa to see where we sit," Greenham said.
"That will be on the agenda in the off-season."
By Michael Brown | Email Michael
http://www.nzherald.co.nz/soccer-football/news/article.cfm?c_id=86&objectid=10704476
a.haak
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Nice !! But it would appear things were never as bad as the doom post said they were. Doomed if you do, doomed if you dont.
AJ132011-02-06 12:13:40
AJ132011-02-06 12:13:40
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"Over the next four weeks, you will see some significant developments which will return the club to the financial footing we need," Phoenix chief executive Nathan Greenham said. "It's something Century City [Serepisos' company] have been working on for a while that will come to fruition. It's huge."
This sounds good, to me that means more $$ for players next season. Smeltzy!
This sounds good, to me that means more $$ for players next season. Smeltzy!
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I hope its as amazing as he says it is. I'm sure there will be lots of sarcastic comments from the Doom post about this.
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the herald seems to be mostly good publicity for the nix
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Reckon it is a community part-ownership model. Which I doubt will work.
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apparenty hes not throwing as much money at the races anymore?? so things must become easier for him after that
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[QUOTE=ScoobyD]"Over the next four weeks, you will see some significant developments which will return the club to the financial footing we need," Phoenix chief executive Nathan Greenham said. "It's something Century City [Serepisos' company] have been working on for a while that will come to fruition. It's huge."
He's just sold Marcos Rojas to Man U for 10 million quid!!!!!!!
He's just sold Marcos Rojas to Man U for 10 million quid!!!!!!!
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Phoenix to be owned in Switzerland??
"Terry Serepisos is flying to Zurich in a bid to save the Phoenix football team and four of his other companies � but Inland Revenue is pushing ahead with plans to liquidate them.
The IRD says it is owed more than $3.5 million in outstanding tax and penalties and wants to advertise its plans to liquidate the companies. Mr Serepisos applied to the High Court at Wellington to stop the advertisements, but a judge refused and the adverts are due to run in The Dominion Post tomorrow.
Justice Forrie Miller was told at an urgently arranged hearing on Friday that Mr Serepisos was going to Zurich this week to sign loan documents that would allow IRD and other creditors to be paid within three weeks, assuming various conditions were met.
However, Inland Revenue doubted Mr Serepisos would be able to meet the conditions.
A draft of the loan documents that it had seen contained a condition that the companies wanting the bailout be solvent at present.
Even with the loan, the repayment arrangement would depend on some creditors accepting a shortfall. Some had already agreed to accept less than they were owed, the judge was told.
Among the money the tax department is seeking to recoup is unpaid Phoenix players' PAYE and KiwiSaver contributions.
The Serepisos companies are: Century City Football, Century City Hunter Street, Century City Investments, Century City Developments and Century City Management.
The lawyer for the companies, Justin Toebes, had told the judge that advertising the liquidation bids could damage the funding process, particularly for Century City Football, which owns the Phoenix team licence to play in the A-league competition.
Insolvency was likely to mean the licence would be lost, Justice Miller was told.
However, the judge decided advertising of the liquidation application could go ahead. Delaying advertising often disadvantaged creditors generally, and unsecured creditors in particular, he said.
Wellington Phoenix head of marketing David Dome said Mr Serepisos was out of the country and could not be contacted. He could not say where he was or what the travel was related to.
Mr Serepisos had been talking to the IRD and the advertising was simply part of the department's "rules and regulations".
Questioned about the future of the Phoenix if its parent company went into liquidation, Mr Dome said he was not concerned.
A-League chief executive Lyall Gorman said he was in regular contact with Mr Serepisos and understood the matter was being treated as an absolute priority.
He had been told the IRD advertisements were triggered by time and the money owed would be "settled imminently".
"We have 100 per cent confidence that this matter will be resolved in a short matter of time ... we sit quite comfortable with the future of the Phoenix in all regards, including Terry's ongoing involvement with it."
Mr Gorman declined to comment about what would happen to the Phoenix if the company were put into liquidation. "We don't have a precedent for that and we won't have it in this case."
The IRD said it was unable to comment on individual taxpayers' affairs."
Dom Post today
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WHAT IS OWED
Century City Football
Owns the Phoenix football team
$1,527,415 debt, made up of:
$1,235,348 for PAYE tax deductions
$238,484 for GST
$53,483 for KiwiSaver employer and employee contributions
$100 for income tax
Century City Developments
$444,009, made up of:
$395,343 for PAYE tax deductions
$43,515 for KiwiSaver employer and employee contributions
$4667 for student loans
$327 for child support deductions
$107 for superannuation contribution
$50 for income tax penalties
Century City Hunter St
$804,061 for GST
Century City Management
$402,969 for GST
Century City Investments
$401,973 for GST
- The Dominion Post
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How much will the DomPost be upset if Terry gets the money and the Nix survive? Not that I think the DoomPost want the Nix to die, but they want Terry to die and if the Nix die with him they won't be too fussed.
Ramming liberal dribble down your throat since 2009
This forum needs less angst and more Kate Bush threads
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*humms to the tune of the darth vader theme*
doom doom doom doom, doom doomdoom doomdoom doomdoom
doom doom doom doom, doom doomdoom doomdoom doomdoom
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Guys, they're reporting facts.
End of the day that is a sh*te load of money to owe to a creditor and it's fair play they're going after him for it all.
I'm hoping and praying that Switzerland comes through, but if not the IRD are justified in their actions!
End of the day that is a sh*te load of money to owe to a creditor and it's fair play they're going after him for it all.
I'm hoping and praying that Switzerland comes through, but if not the IRD are justified in their actions!
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It does seem a shame when Century City Footbal owes $1,527,415 as this is small change to the overall debts owed and the FFA say the team could get a ball-park extra $1.2+ million in xtra TV revenue next year.
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WHAT IS OWED
Century City Football
Owns the Phoenix football team
$1,527,415 debt
Century City Football
Owns the Phoenix football team
$1,527,415 debt
I dunno what the f**k is actually going on here but does anyone else find it particularly cruel that the amount owed by Century City Football is basically the same amount of money that we - the fans - poured into the club during the play-offs last season, only to be pocketed by the FFA?
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It does seem a shame when Century City Footbal owes $1,527,415�as this is small change to the overall debts owed and the FFA say the team could get a ball-park extra $1.2+ million in xtra TV revenue next year.
�
Yeah but i want that 1.2 mill to be going to the team's benefit
Just as I would hope the 1.5 from McKain went into the team recruitment...
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End of the day that is a sh*te load of money to owe to a creditor
Maybe to you it is, but to the big-business class, they throw $1.5 million NZ dollars at a dog if they don't have a stone.
Ramming liberal dribble down your throat since 2009
This forum needs less angst and more Kate Bush threads
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Guys, they're reporting facts.
End of the day that is a sh*te load of money to owe to a creditor and it's fair play they're going after him for it all.
I'm hoping and praying that Switzerland comes through, but if not the IRD are justified in their actions!
End of the day that is a sh*te load of money to owe to a creditor and it's fair play they're going after him for it all.
I'm hoping and praying that Switzerland comes through, but if not the IRD are justified in their actions!
Actually is one of the facts wrong i.e. that Century City own the licence? Correct me if I'm wrong but I thought they leased it (or some such) from NZ Football who actually own the licence.
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The worry to me is that its to the IRD and that its players tax deductions among that money. I was under the false impression the Phoenix looked like becoming capable of surviving without needing a sugar daddy. But then again most football clubs need some benefactor to prop them up.
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It does seem a shame when Century City Footbal owes $1,527,415�as this is small change to the overall debts owed and the FFA say the team could get a ball-park extra $1.2+ million in xtra TV revenue next year.
�
Yeah but i want that 1.2 mill to be going to the team's benefit
Just as I would hope the 1.5 from McKain went into the team recruitment...
You could argue things like ACC & Kiwisaver are for the players benefit, but i know what you are meaning.
Yellow Whever Whanganui
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Whatever, I'm sure Terry knows not to f*ck with the taxman.
In Terry We Trust.
"Phoenix till they lose"
Posting 97% bollox, 8% lies and 3.658% genuine opinion.
Genuine opinion: FTFFA
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There is no excuse (well, apart from being in the poo) for owing IRD around $3.5m (all entities combined).
However, I would be keen to see where Century City sits amongst the IRD debtors' hall of infamy. It sounds like a lot of money, but the latest IRD Annual Report shows some $4.8 BILLION owed to them in late tax (ie, Century City's debt is less than 0.1 of a percent of IRD's late debtors).
He's not good (and Terry's business practices leave a lot to be desired), but he's not alone, so it would be useful to have a little more contextual reporting on this. It may well be that he's worst of the bunch, but we just don't know. Unprofessional reporting.
However, I would be keen to see where Century City sits amongst the IRD debtors' hall of infamy. It sounds like a lot of money, but the latest IRD Annual Report shows some $4.8 BILLION owed to them in late tax (ie, Century City's debt is less than 0.1 of a percent of IRD's late debtors).
He's not good (and Terry's business practices leave a lot to be desired), but he's not alone, so it would be useful to have a little more contextual reporting on this. It may well be that he's worst of the bunch, but we just don't know. Unprofessional reporting.
I know, I know, its serious!
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This isn't the 'exciting news' I was expecting...
Allegedly
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Terry seeks a Westpac top-up loan (with pre-booked tickets to China)?
"Phoenix till they lose"
Posting 97% bollox, 8% lies and 3.658% genuine opinion.
Genuine opinion: FTFFA
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If I had a couple of spare mil$...
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The worry to me is that its to the IRD and that its players tax deductions among that money. I was under the false impression the Phoenix looked like becoming capable of surviving without needing a sugar daddy. But then again most football clubs need some benefactor to prop them up.
I think the fact that the 'Nix are currently losing over a million dollars per season was a slight hint that we'll be retaining any sugar daddy we can find for the forseeable future.
Sort of vaguely related to this topic. Interesting wee article from the BBC Sport website:
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
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Hasn't Terry done anything to pay up something or was he buying time to delay the inevitable? How about getting teh thousands of yellow fever supporters to dig deep and bail out the club?
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Terry's new business partner?
"Running a football club is like making love to a beautiful woman..."
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Greek Terry + Swiss Toni would be an ownership dream team.
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"we are the phoenix, we can beat anyone" - Grandadi.
Including the tax man
Including the tax man
ive got a song that wont take long, Adelaide are rubbish.. the second verse is same as the first.. ADELAIDE ARE RUBBISH
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Grandadi is a wise and powerful man.
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Just get the Qatarians to pay IRD.
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from the king of Terry haters - the NBR
Serepisos' Swiss hope revealed
Troubled Wellington developer Terry Serepisos is understood to be seeking refinancing from a controversial Indian businessman with a chequered history and a mixed involvement in football clubs.
The Dominion Post reported earlier today Mr Serepisos failed in a bid to prevent Inland Revenue running advertisements advising its intent to liquidate his companies Century City Football, Century City Hunter Street, Century City Investments, Century City Developments and Century City Management.
The IRD is owed more than $3.5 million but Mr Serepisos argued last week in an urgent sitting in the Wellington High Court that he was traveling to Switzerland to sign loan agreements that would repay his creditors.
Well-placed sources told the National Business Review the mystery Zurich-based financier is Western Gulf Advisory.
WGA, founded by Ahsan Ali Syed, made newspaper headlines in the UK last year after Mr Ali made an audacious �300 million bid to buy the Blackburn Rovers football team.
The Telegraph reported that the Bahrain�s central bank told WGA's Dubai branch to shut its doors after refusing to sanction its activities as the company apparently grew from $US53,000 to $US1.2 billion in 18 months.
A BBC investigation also noted that despite Mr Ali�s claimed wealth in the billions he has never made it onto a Forbes rich list and left a string of unpaid debts when he lived in England between 2001 and 2005.
The Deccan Chronicle reports Mr Ali claimed to have left India 18 years ago but evidence showed he lived in a small house in Hyderabad until 2000. The paper also reports his car, a Maruti 800, was seized by public officials as it was unregistered.
Calls to WGA office in Zurich were met by an answerphone.
But Mr Ali�s fortunes seem to have turned. Although his bid for Blackburn failed, last week he reportedly took control of Spanish La Liga team Racing Santander.
Calls to Mr Serepisos� spokesman John Mitchell were answered by a representative of the developer's football team the Wellington Phoenix who told NBR Mr Mitchell had resigned two weeks ago.
The representative said he was unable to answer any questions about Western Gulf Advisory and said Mr Serepisos was out of the country and unavailable for comment.
�We don�t know anything about that [Western Gulf Advisory]. He�s back later in the week but we don�t know when.�
Founder
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Calls to Mr Serepisos� spokesman John Mitchell were answered by a representative of the developer's football team the Wellington Phoenix who told NBR Mr Mitchell had resigned two weeks ago.
Well, that's good news. That dude was terrible when the IRD stuff first blew up.
Ramming liberal dribble down your throat since 2009
This forum needs less angst and more Kate Bush threads
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Dodgier than a sleepover at Michael Jackson's crib.
Stevo2011-02-08 19:17:17
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Where's Sir Peter Jackson when you need him......Looking very dodgie which must be doing the players heads in
...be so piss off if it is all over
...be so piss off if it is all over
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