Welnix back out of Canes

Football fans shouldn’t panic.

Welnix might’ve given up its 12.5 per cent stake in the Hurricanes Super Rugby franchise, but that doesn’t mean it’s about to walk away from the Wellington Phoenix as well.

Caniwi Capital, an investment and advisory group, has assumed Welnix’s former share in Hurricanes Investment Ltd Partnership. Welnix was among the inaugural Hurricanes shareholders, in 2012, but has 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 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 its core football business. It is certainly not folding or getting out of sport entirely.

‘‘No, no, it’s nothing like that. It’s purely that the improved efficiencies across multiple codes never eventuated,’’ Dome said.

Caniwi Capital’s owner Troy Bowker now becomes a director on the Hurricanes board.