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By ESPN Staff

Phoenix suitor pays Spanish debt

The Indian entrepreneur coming to the rescue of A-League side Wellington Phoenix has paid a $A2.7 million debt to keep the Spanish soccer club he owns from going into administration.

Racing Santander owner Ahsan Ali Syed, who is in talks with Phoenix owner Terry Serepisos to take a 50 per cent stake in the club, had also agreed to a plan to pay off $A17.65 million the club owes to the Spanish treasury.

Ali Syed emerged as the businessman behind a deal to loan Serepisos $A75.87 million to stave off bankruptcy and liquidation threats.

Five companies owned by Wellington property developer Serepisos - including the one that owns the Phoenix - face liquidation by the New Zealand Inland Revenue Department for unpaid taxes of $A2.66 million.

That was put aside in the High Court until March 7.

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