Serepisos could lose the Phoenix

Terry Serepisos has days to save his ownership of the Wellington Phoenix before Football Federation Australia moves to revoke his A-League licence and hand it to a Wellington consortium known as the Phoenix Five.

Serepisos is bending under the weight of debts totalling more than $200 million and the fate of his beloved club might be taken out of his hands.

It's understood a consortium headed by Rob Morrison and including Gareth Morgan, and possibly his son Sam Morgan, is ready and willing to take over the club.

They have had detailed discussions with the FFA, which feels it's time to act.

League bosses have been supportive of Serepisos but claims coach Ricki Herbert is owed $100,000 in wages have changed the landscape. Serepisos denies owing Herbert that much but it was reported as early as last November the coach was owed wages.

Gareth Morgan confirmed he had been approached by two groups keen to keep the Phoenix in Wellington in case Serepisos "had to give it away". Morgan said he had not paid any money to either of the groups and both groups were "in the hypothetical".

"I've been approached by a couple of groups to be the backstop but it hasn't amounted to more," he said.

"I know some people have been approached who were not even soccer fans but they know it is a good thing for Wellington."

Morgan said Serepisos is seen as "a real hero" after stepping in to save the Phoenix in 2007. "He's got to be given every opportunity to see if he can do his Houdini [act] yet again."

It is understood the FFA is set to tell Serepisos his licence will be revoked unless he meets certain conditions before his next court appearance. One will be having a bond in the bank, believed to be in the vicinity of $2m.

Serepisos has been steadfast in his belief a US$100m ($120.7 million) loan is forthcoming from Western Gulf Advisory, a Bahrain-based company fighting accusations of being an elaborate scam.

Requests through the Phoenix for interviews with Serepisos and the club's chief executive yesterday were declined. The FFA wants the Phoenix in the league and has assured fans the team will feature this season.

"Football fans in Wellington and across the country can rest assured that the Wellington Phoenix will compete in the 2011-12 A-League season," a spokesman said.

Sam Morgan made his fortune from Trade Me. Father Gareth is an economist who profited as a shareholder of Trade Me. Rob Morrison is an investment banker. Additional reporting, Edward Gay