October 24, 2017

Serepisos survives with last minute $4m bailout

Don't ask me how I got the money. The cheque didn't bounce, thats all that matters.

Property magnate and Wellington Phoenix Football club owner Terry Serepisos’ five Century City companies have survivied a liquidation bid with a last-minute $4 million bailout.

Serepisos’ lawyer, Justin Toebes, told the High Court at Wellington today that the money was deposited in his law firm’s trust account today.

The cases against the five companies have been adjourned until tomorrow to give time for payments to be made to Inland Revenue and ACC.

Serepisos was not present at court to see the final chapter in a cashflow saga that has dragged on for six months.

On 20th October 2010, the Commissioner of Inland Revenue filed proceedings to wind up the Serepisos companies over unpaid taxes. ACC were also looking for unpaid ACC levies.

In February 2011 we had the saga of Serepisos going to Zurich to sign a loan agreement with dodgy lender Western Gulf Advisory. The money never showed up.

Now the money has, but we are not sure where it has come from. Serepisos is not saying yet either.

Wellington Phoenix football fans will be pleased that the possibility of losing their much loved club is not going to become reality for now.

Terry has not helped himself by making bold statements and grumping at the media, but his contribution to football in New Zealand is immense.

Go the Phoenix!!