New owners are taking over the Wellington Phoenix football club from financially-troubled property developer Terry Serepisos.
Welnix, a seven-member group of Wellington businessmen, has been granted a five-year licence by Football Federation Australia.
The chair of the consortium is Rob Morrison, who is also chair of KiwiBank. The others include his brother Lloyd Morrison, a major airport investor; investment banker Gareth Morgan and Campbell Gower, the head of baby buggy company Phil and Teds.
The Phonenix club has been running at a loss of about $1 million a year since 2007, but Mr Morgan says its new owners expect to make a profit.
Mr Serepisos developed the club, but has been struggling with debts estimated at $230 million owed to about 27 creditors. A trip to see Football Federation Australia representatives this week failed to keep the club in his hands.
The deal salvages the team two weeks ahead of the start of the Australian A-league season which Wellington-based side competes in.
Mr Serepisos says legal issues surrounding the multimillion-dollar business debt did not play a part in his decision to surrender control of the club.
"At the end of the day, it wasn't so much the proceedings - that sort of stuff is going to be put to bed next week. As far as I'm concerned, it's just about freeing up time for myself and spending more quality time with the people that I love."
Mr Serepisos said started the club to give something to Wellington after the death of his brother from leukaemia, and is proud of what he has achieved. He said he had poured $8 million to $10 million into the club.
"It doesn't matter how I feel - at the end of the day I know I started it, I know I created it from a piece of paper ... That is something that can never be taken away. I've created history and I feel proud of that."
Welnix spokesperson Gareth Morgan says it was not a case of pushing Mr Serepisos out.
"We're here as Plan B and we all hoped that Terry could keep this thing going like he has done so fantastically over the years. As it happens, that hasn't come to fruition."
Wages issue unresolved
The new owners say they will keep coach Ricki Herbert and players on, but will not guarantee they will pay any outstanding wages.
Mr Herbert is reportedly owed $100,000 by Mr Serepisos and players' wages have been paid late on several occasions.
Welnix chair Rob Morrison will not give an assurance that any money Herbert or the players might be owed will be be paid.
However, Mr Morrison says Football Federation Australia will investigate whether players or club staff are owed any money.
Phoenix itching to move on - coach
Coach Ricki Herbert dismissed suggestions the takeover will have a negative effect on the club's upcoming season.
He concedes some of the players had a few sleepless nights while the team's future was in doubt, but says the team is itching to move on.
"While this is seen as a hurdle, these guys (the players) are climbing it. Being a true Wellington Phoenix player that's the character they have and everyone's desperately waiting for a season that's been pretty long in the build-up."
Phoenix's first game of the season is against Gold Coast United in Queensland in a fortnight.
