22 Feb 2011

Embattled Phoenix owner sells half the club

9:08 pm on 22 February 2011

Phoenix Football Club owner Terry Serepisos has confirmed he is negotiating a $100 million loan from an Indian businessman.

Mr Serepisos is facing court proceedings over debts, including with the Inland Revenue Department, which is seeking $3.5 million in unpaid taxes and wants to liquidate five of his companies.

He says the loan, which the IRD is aware of, will help to get his financial problems sorted and has the potential to take the club to a new level.

He says he has total confidence in Bahrain-based investor Ahsan Ali Syed, who bought a Spanish football team, Racing Santander, last month.

Mr Serepisos says Mr Syed, who would own half of the Phoenix, is a lover of sport and it would be in his interest for the Phoenix to potentially become a feeder club for the Spanish club.

He says he has been working for six months on the deal, which will allow him to repay debts and avoid a mortgagee sale.