24 Sep 2011

New Phoenix owners want profit

1:32 pm on 24 September 2011

The new owners of the Wellington Phoenix say they expect to make a profit from the football club.

Welnix, the consortium of seven Wellington businessmen who now own the club, has a licence with Football Federation Australia for the Phoenix to play in the A-League for the next five seasons.

The Wellington club has been running at a loss of about a million dollars a year since troubled former owner Terry Serepisos took on the challenge in 2007 but Welnix spokesman and investment banker Gareth Morgan says the new owners believe they can push the balance sheets into the black.