Phoenix Owners Invest In Hurricanes

Welnix Limited, owners of the Wellington Phoenix, has taken a minor shareholding in the Hurricanes rugby franchise.

Welnix Limited, owners of the Wellington Phoenix, has taken a minor shareholding in the Hurricanes rugby franchise.

Dr Gareth Morgan, one of the nine owners of the Phoenix, stressed it was a Welnix investment, but that there would be benefits for the Phoenix.

“There will be benefits for the Phoenix in this cross-code cooperation In areas such as sports science, training facilities and training and support facilities for the respective academies,” Dr Morgan said.

“It will give us a combined voice when it comes to council support in stadium costs and usage.

“Ultimately, with the support of council, we hope to develop a high performance unit capable of supporting multiple sporting codes in Wellington.

“Our minor stake in the Hurricanes is in contrast to the 100 per cent ownership we have of the Phoenix.

“This reflects the different roles of the investments in Welnix-s embryonic sports portfolio.

“We are first and foremost concerned about sport in the Wellington region and want to see it reach its potential insofar as providing the region with sufficient exciting events for the public, along with an inspirational outlet for our children and youth.”

Dr Morgan said that in the world of franchised sport it is clear that there is an onus on regions to capture efficiencies and economies so that the various sports are financially sustainable.

“There is sufficient synergy of interest between the football and rugby codes to ensure we capture those benefits, not to do so would be to take financial risks,” he said.