Terry Serepisos and Paul Ifill watch the All Whites play Paraguay at the Four Kings pub in Wellington.

Lyall Gorman, left, with Terry Serepisos during a press conference about Serepisos relinquishing control of the Phoenix.

Ricki Herbert talks to media with Gareth Morgan after hearing of the change of ownership for the Wellington Phoenix.

Wellington businessman Terry Serepisos says he was not pushed to give up control of his beloved Phoenix.

The future of the A-League club was confirmed today at a hastily organised lunchtime media conference. Serepisos then held his own press conference shortly before 1.30pm.

Serepisos had been in talks with Football Federation Australia (FFA) over his continued involvement with the club, which he established in 2007.



A consortium of businessmen, led by investment banker Rob Morrison, has been working behind the scenes to step into the void. The consortium had been in talks with the FFA and today said it had enough money to fund the team for at least five years. It would remain in Wellington.

CRAIG SIMCOX/Fairfax NZ LONG STRUGGLE: Terry Serepisos may have finally reliquished control of the Wellington Phoenix.

Serepisos said he had made the decision himself and was not pushed.

"I am doing it for the right reasons... there is no forced hand here."

He had decided to hand over control for "myself and my family".



"I feel I've done my part in making history for New Zealand."

Terry Serepisos

Serepisos said he had poured $8m to $10m into the club, but he wasn't worried about that.



"The council didn't help me; I've done it on my own. All [the council] people should have come forward a long time ago, but they didn't. I feel I have been hard done by a little in the media."



He said it was not a decision he had made quickly.

"It hurts because it's close to my heart," he said.

When asked if all the players had been paid, he said: "Pretty much."



He added that he did not believe he would be made bankrupt, despite the bevy of creditors calling in debts. There was "something in the wings" regarding his finances.

PHIL REID/The Dominion Post A BAD WEEK: Terry Serepisos has been adjudged bankrupt only days after he lost control of the Phoenix.

THE NEW OWNERS

Wellington city mayor Celia Wade-Brown and councillor John Morrison were at the FFA conference, held at midday, along with economist Gareth Morgan, who, with son Sam, is part of the group behind the club's rescue.

Also in attendance was FFA boss Lyall Gorman.

Gorman said Serepisos had agreed to relinquish his licence based on his "current situation". He said the club was extremely close to Serepisos' heart.



''Without Terry Serepisos there would be no Phoenix... there has not been a more committed or passionate person than Terry.''

Gorman said Serepisos was moving on to focus on other parts of his life.

Gareth Morgan said the team would stay in Wellington.



"The team is so important to Wellington and they can help New Zealand springboard into the world cup."

Morgan said Serepisos had been offered a founding patron role and existing staff were likely to keep their jobs. Coach Ricki Herbert was staying with the club.

Morrison said the key to the club's future was performance on the field.

"It's a great brand with great support."

Morrison also said any profits would be reinvested into the club to keep it sustainable and he was not looking to "make a cent" from it.

"There's no reason the Phoenix cannot stand on its own two feet though they may keep making initial losses."

The new company would be chaired by Morrison and include Gareth Morgan, Campbell Gower, Lloyd Morrison and others.

The meeting, at the Overseas Passenger Terminal, came after intense speculation over the ability of cash-strapped Serepisos' ability to continue funding the club.



Serepisos is trying to convince creditors and the High Court to accept a two-year sell off of properties valued at $232 million to cover debts to 27 organisations of $203m.



While his property portfolio is for sale, he has always maintained the Phoenix would remain under his control.



Earlier this week it was reported that Serepisos may have put a finance deal together to retain ownership of the club.



Serepisos had been put under pressure by the A-League to prove he had the means to pay players and staff members, as he struggled with his reported $200 million debt.



The club had just 17 players on the roster, with Herbert not denying reports he was owed more than $100,000 and staff numbers were shrinking.

And New Zealand Football (NZF) said it would continue to be a proud supporter of the Phoenix under the new ownership model.

Chief Executive Grant McKavanagh said: "NZF is confident that under new ownership the franchise will continue to nurture and develop All Whites and provide a pathyway to professional football for aspiring Kiwis.

Chairman Frank van Hattum offered gratitude for the contribution of Serepisos.

"NZF would like to thank Mr Serepisos for his leadership of the Wellington Phoenix. The effort, resources, commitment and passion he has invested into the club has been a major contributor to the growth of football in New Zealand over the past four years.

"We will forever be indebted to him and he has a well-deserved place in the history of football in New Zealand and will always be considered a close friend of NZF."