According to the Dominion Post, Phoenix owner Terry Serepisos is planning to sell half of his stake in the club after it was revealed that the property developer had accumulated personal debts of millions of dollars.
However, Serepisos is adamant that the future of the club is now safe after he agreed to sell a sizeable stake to Racing Santander owner Ahsan Ali Syed and also secured a NZ$100 million-plus (US$76 million) loan from Syed’s investment vehicle, Western Gulf Advisory.
“I am doing the best for the Phoenix, the best for the city and the best for football – what could become of this for football in New Zealand is huge,” said Serepisos. “It's bigger than Ben Hur.” Syed said the loan negotiations had “matured” and a “conclusion” would be announced soon.
