Apprentice star's cash woes hit players

TERRY SEREPISOS: The show's winner will become Serepisos's deputy and get a six-figure salary at his company Century City.

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The future host of The Apprentice NZ, Terry Serepisos, is suffering "liquidity" issues within his Phoenix football club, with players' wages and hotel bills going unpaid.

The Wellington property magnate became owner of the city's major football club in 2007, and paid for its re-entry into the Australian A-League, saving the club from extinction. It has run at a loss since.

In The Apprentice NZ, which screens next year, he takes the role made famous by Donald Trump in the American original.

Phoenix's communications manager John Mitchell confirmed that there had been late payments. "There is a liquidity issue... it's not easy for Terry," Mitchell said.

"Players haven't been paid on time around four or five times this season. It's even impacted me but it's not something that I'm concerned about."

He said the payments usually arrived in players' bank accounts two or three days late. "For Terry, there are probably some recessionary issues going on – everyone is struggling at the moment, Terry included. He is obviously dealing with a lot of third parties so if they are delaying payment to him that affects his liquidity."

But Serepisos denied the delays were longer than one or two days.

"Paying wages late by a day is some sort of crucifixion? That is ridiculous," Serepisos said.

Phoenix chief executive Tony Pignata said he was not convinced the club was suffering what could be described as a financial crisis. "If we had `liquidity issues' that would mean players aren't being paid for a month."

He admitted some hotel bills had gone unpaid but said he was comfortable with the arrears.

This month Serepisos was left thousands of dollars out of pocket when production company South Vineyard Ltd made a last-minute cancellation at the millionaire's Century City hotel. Film crew of the $180 million movie Kingdom Come were due to stay at Serepisos's Tory St hotel.

Meanwhile, Serepisos has hit back at Mitchell for commenting to the Star-Times about the club's financial issues.

"John Mitchell wouldn't have a clue whether my club was having liquidity issues... He shouldn't be commenting on things like that; he's out of line," Serepisos said. "The reality is the club loses $1 million a year. I believe in what I've done and I believe in giving something back to the community. I've done it for the right reasons, which is to give something back to New Zealand."

The Kiwi version of The Apprentice, in which Serepisos sets competitors tasks to prove their worth in the world of business, is in production, and will screen next year on TV2. TVNZ had no comment yesterday.

- © Fairfax NZ News