I've had a bit of time to think about the events of Friday.  I've followed Phoenix since day one and have been lucky enough to be radio commentator for home games since their inception. This club has become, and still is, a big part of my life.

Friday had to happen and to be honest, it should have happened earlier.

Terry's financial problems were impacting on the club and came close to causing irreparable damage.

Even now, the club is woefully behind the eight-ball in terms of player recruitment with the new A-League season just a fortnight away.

But now the players, coaches and staff at the club can move forward with a sense of clarity and certainty and this is a very positive thing.

But Friday was also tinged with sadness.

I remember well the day in mid-2007 when we were first summoned to Terry's plush offices and told that after hearing the plight of the New Zealand Knights on the radio while he was having a haircut, Terry was coming to the rescue of professional football in New Zealand and bringing an A-League club to Wellington.

They were named shortly afterwards - Wellington Phoenix - and what a ride it's been in the last four years.

Highlights include the very first A-League game against Melbourne Victory, still so clear in my memory. The Beckham game. Those wonderful playoff matches at the end of the 2009/10 season. And the roller-coaster ride this side has taken us on in four seasons and over 100 games of A-League football.

None of that would have happened without Terry.

The All Whites wouldn't have gone to the World Cup.

Football here in Wellington and around the country wouldn't have flourished the way it has without his deep pockets and passion.

The lives of players, coaches, supporters and yes, even football media like me would have taken a different path.

But recently his financial problems have dragged the football club into a place they didn't want to be, caused uncertainty among fans and hamstrung Wellington Phoenix because of an inability to invest.

Something had to give ... and on Friday it did.

My understanding is that right up until Thursday evening, Terry thought he'd be able to hold onto the club.

Something happened to change his mind and compel him to hand back the licence and step away from the club he's held so dear for the last four years.

While all the talk was of Terry willingly relinquishing the right to run the club, it's obvious things had come to a head and this was the last offer of a dignified exit.

And so, we enter a new phase in the life of Wellington Phoenix.

A consortium of seven local businessmen - all with corporate power and wealth - are now in charge.

Whether they have the passion for the club that Terry did - and still does - remains to be seen, but they made all the right noises.

The most telling statement for me was from Gareth Morgan, who said ... "None of us NEEDED to do this ... we WANTED to do it".

There are shades of Terry Serepisos in that statement. It's exactly the situation he found himself in four years ago. He didn't HAVE to do anything. He could have left the barber's chair and gotten on with his life. But he WANTED to do something.

The new owners now have a legacy to uphold - the legacy of a man who saw a sport in trouble and dipped into his own pocket to save it.

And save it he did. For that, we should be forever grateful.

My hope now is for many more wonderful Wellington Phoenix footballing moments ahead, but also for Terry to rise again from his latest challenges, much like a Phoenix from the flames.