Wellington businessman Terry Serepisos has lost control of the Wellington Phoenix football club, The Dominion Post understands.
The future of Wellington Phoenix football club will be revealed at noon today at a hastily organised media conference.
The Football Federation Australia, which controls the licence for
the Phoenix is refusing to comment ahead of the conference.
The meeting, at the Overseas Passenger Terminal, comes after intense speculation over the ability of cash-strapped club owner Terry Serepisos' ability to continue funding the club.
Mr Serepisos is trying to convince creditors and the High Court to accept a two-year sell off of properties valued at $232 million to cover debts to 27 organisations of $203m.
While his property portfolio is for sale, he has always maintained that the Phoenix would remain under his control.
Mr Serepisos has been in talks with Football Federation Australia over his continued involvement with the A-League football club, which he established in 2007. But behind the scenes there is a consortium of businessmen, led by investment banker Rob Morrison, who are willing to step in to finance the club if Mr Serepisos was unable to do so himself.
It is understood Mr Morrison has also had talks with the FFA.