Welnix back out of Canes

Football fans shouldn’t panic.

Welnix might have given up their 12.5 per cent stake in the Hurricanes Super Rugby franchise, but they’re not about to walk away from the Wellington Phoenix as well.

Caniwi Capital, an investment and advisory group, have assumed Welnix’s former share in Hurricanes Investment Ltd Partnership. Welnix were among the inaugural Hurricanes shareholders, back in 2012, but have decided the arrangement no longer holds the appeal it once did. The group of businessmen includes former Kiwibank chairman Rob Morrison and economist Gareth Morgan.

‘‘When Welnix took over the Phoenix in 2011 there was a desire to see how far we could push the relationship with other codes,’’ Welnix spokesman David Dome said. ‘‘While there were some synergies that took place, the hoped-for synergies at a much bigger level never eventuated, so Welnix decided we might as well move off in a different direction.’’

Talk of a sporting hub, incorporating things such as shared gymnasiums and sports science facilities, plus marketing and human resources and IT departments, was all the rage at one point. On paper it made more sense than rugby, football, netball, cricket and others all trying provide those services to varying degrees.

‘‘There has been some work in the player development area and some sharing of knowledge in IP, but nothing more than that,’’ said Dome.

So off go Welnix, to concentrate on their core football business. They’re certainly not folding or getting out of sport entirely.

‘‘We do some stuff with the [Pulse] netball at the moment and we’re looking to do more ... but it [the investment in the Hurricanes] never got to anything where you could integrate more closely than that.’’

In come Caniwi Capital, whose owner and executive chairman Troy Bowker now becomes a director on the Hurricanes board.