Terry S - why does he do it?

I doubt he'd of gotten on the apprentice if he didnt own the nix for example. But yes that is very cynical. Its still money he is chucking away to this club,so good on him. I wouldnt pay $1milliona year for the adoration of you guys  no offence.

Or Old Gregg's mangina?

"There's no use earning a whole lot of money and not doing anything with it."

^^^I like this. He's really got himself a priceless experience in owning a football side in NZ. It's even better when you're team's winning.

Yes, and add George onto that (as 2b suggested) and I'd pay whopping amounts of money for it!

I love Terry, despite being wealthy he comes across as a good, down to earth bloke.
loyalgunner2010-02-19 13:06:32

+ Durante for Rushmore. Captain fantastic + signed for the next eternity.

but the real question is...why does Tony S do it?

Good PR + tax breaks + genuinely loves football... I'm sure it's a combination of the three. Oh, plus: "some other tycoons might be richer than me, but has anyone else in this country got their own football team? I THINK NOT!"Doloras2010-02-19 13:43:28

??? Terry S or Tony P?

I don't fully understand this tax break thing.  Could somebody in the know give us a vague description?  And potentially how much of that million he loses does he save from the tax breaks?

LAQC - Loss attributing qualifying company.

If Terry spends a dollar on the Nix he gets 39 or 30 cents back in tax benefits. Able to offset the Nix loss against taxable income.

Hope that helps, been a while since I did tax planning.

Ipso fatso Is that a Freudian slip?

So while he loses a million he makes $390 000 (or $300 000 depending on which one) so his loss is effectively thirded.

Or do you think the tax break he gets brings the total Phoenix loss down to a million?

loyalgunner2010-02-19 14:03:29

I dont think you can have a LAQC for a football club. We've been over it a $million times, it is not much of a break at all, it is real money that Terry puts in, and I love that he does that.

Get a bit pissed off with people trying to minimise this and downplay his generous nature
hepatitis2010-02-19 14:06:42

I thought of Timmy immediately when I read that

 

Hepatitis, A slight over reaction.

Reason number #724: He gets a free Hurricanes jersey.

cronus2010-02-19 15:08:05

I do side a bit with hepatitis. There may be some tax benefits and other benefits, but this is a SIGNIFICANT philanthropic gesture and extremely generous to our sport.

Rich people don't pay tax, Fact!

For the poontang

Looking at the big picture ... The LAQC regime was introduced not as a haven for property investors but as an entity that encourages entrepreneurs to develop new businesses which they (the entrepreneurs) hope will generate future profits. It still requires significant capital inputs and effort, and the risk of the venture still lies with the business owners. The idea is that IRD (and New Zealand) will benefit from the later profits.

A football club is an extremely difficult business to derive a profit from, but that doesn't make not a true business. Even if Terry is using an LAQC (or group offset) structure you can't argue that the Phoenix doesn't fit into the above category, therefore good on him for taking the opportunity and let's support the club as long as our boys can continue to take the field.

Wasn't trying to play down his contribution by any means.  I was just hoping what he lost wasn't as much as I'd originally thought.  Being a real trooper and all the less he loses the better.

I have seen in some threads that people believe that what he loses is totally written off, and so therefore it is not a loss to him. That is incorrect, and needs to be pointed out.

To imply that he does this because he can write some (30%) of the loss off, I believe it takes away from the whole, namely that he loves football, wants to see it played here at the highest level, loves the experience so much that he is putting his hand up for another 10 years.

Arise Sir Terry, I reckon

At the BBQ today I went and got the remaining sigs for my kids (since they were at school and if i pulled them out they wouldn't get any homework anyway so it's best they stay in class!).

Got to shake hands with Terry, Tony, Ricki, Paul, Eugene.

My god, I felt all breathless and giggly and I was older than the players and there abouts for the Management.

Good new article on Terry here

http://www.stuff.co.nz/dominion-post/local/3353093/Terry-Serepisos-on-family-football-and-rumours

Money , Glory ,all  the best reasons !

either way its about time we gave a chant to him, ie. we love you terry we do etc