The sale of Terry Serepisos' flagship Century City Hotel and adjacent car park building to local investor Mark Dunajtschik has raised alarm bells over the future of football club Wellington Phoenix.

Yesterday Mr Serepisos conceded that Mr Dunajtschik owned the Tory St complex but said his Century City company still managed and operated the "whole shebang" and the "confidential deal" had nothing to do with the future of the Phoenix.

Wellington city councillor John Morrison said the council supported Mr Serepisos as Phoenix owner but there was concern for the football club's future and he was "confident Wellingtonians would not stand idly by and lose the Phoenix from the city".

"I have been bombarded by phone calls from many Wellingtonians expressing ... concern over the future of the club. A number have expressed an interest in assisting if Terry is unable to continue funding the franchise."

It is not known how much Mr Dunajtschik paid for the properties, although sources said it was unlikely Mr Serepisos would receive any of the money because both were heavily mortgaged.

Mr Serepisos declined to say whether he had made any money out of the deal, or whether his Century City company would receive a share of the future cashflow or profits.

"There is a confidential arrangement and unfortunately I can't go into that but my Century City company is running and controlling the whole shebang."

The stance to neither confirm nor deny whether he had made money out of the sale deal should not lead to speculation about the future of the Phoenix, Mr Serepisos said.

"They are suddenly saying he didn't get any money, how's he going to support the football? That's not the case. They are two different things. The football stands on its own.

"The business is just that, purely business ... and the Phoenix has nothing to do with what this deal is all about."

The hotel, which operated as the Grand Mercure Century City Apartments, was one of Mr Serepisos' most valuable assets. It had a rating valuation of $16.93 million.

The neighbouring parking building had an RV of $13.75m, although the Century City subsidiary which owned the property was placed into receivership in May.

When Mr Serepisos starred on The Apprentice he said on his blogsite that the hotel was his greatest business achievement.

"My proudest moment in business to date would probably be the seven-year project which is the Century City complex in Wellington's Tory St.

"With 750 car parks, 140 apartments, and a 100-room hotel, it was something that I visualised and had a dream of building from a vacant site."

The hotel had a first mortgage to ASB securing up to $46m plus interest, and a second mortgage to South Canterbury Finance securing up to $25m; the parking building has a first mortgage to ASB securing up to $21.75m, and a second mortgage to South Canterbury Finance subsidiary Wellington Finance, which secured up to $20m.

It is not known how much Mr Serepisos and Century City actually owed on the loans.

Those mortgages were all discharged when the sale of both properties was settled on Friday, although ASB will have an ongoing involvement with the properties because it has provided Mr Dunajtschik with first-mortgage funding for the deal.

Mr Serepisos' property empire has struggled under the weight of its debts and his portfolio has been steadily shrinking as he has sold down assets or had them seized by receivers.

A move last week saw the Ivivi building on Victoria St put up for sale on the instructions of the receiver who was appointed by Equitable Mortgages to recover debts of about $11m.

Mr Serepisos has been in protracted negotiations with Western Gulf Advisory, controlled by India-born Ahsan Ali Syed, to secure a US$100m loan.

WGA's Bahraini accounts were frozen last month after allegations that Mr Ali had obtained an estimated A$100 million from Australian investors who paid large sums in loan establishment fees for funds that never eventuated.

"Mr Ali is absolutely still in the picture; I say that with a lot of confidence," Mr Serepisos said.

Mr Dunajtschik migrated to New Zealand from Germany in 1958. He has substantial holdings in Wellington, including the recently completed Asteron Tower in Featherston St.

He declined to discuss his dealings with Mr Serepisos or his involvement with the hotel.