It has been an uncertain time for everyone at the Wellington Phoenix but there is an expectation player contracts would be honoured if the FFA revokes Terry Serepisos' licence next week.

The next few days should finally provide some much-needed clarity around the club, with Football Federation Australia having requested assurances from Serepisos that he has $2 million in the bank to finance the Phoenix for the upcoming A-League season. While there is a widespread belief the embattled owner won't be able to meet these demands as he struggles with $200 million in debts, and that the licence will be revoked, Serepisos is confident he will survive.

As grave as his situation might appear, Serepisos is a survivor and has pulled through a lot longer than many thought possible.

He is determined to hang onto the Phoenix and has often found money at the last minute to stave off insolvency.

A group of Wellington businessmen, led by Kiwibank chairman Rob Morrison, is ready to take over should the licence be revoked and there is an expectation they would honour the existing player contracts.

They aren't obliged to.

Insolvency allows new owners to start afresh, like what happened at the North Queensland Fury when the FFA took over the running of the club.

This, however, was the exception rather than the rule and the FFA did this largely to get former Liverpool striker Robbie Fowler, who was signed as a marquee player, off the payroll.

Fowler took the matter to the courts and lost.

There have been a number of ownership changes in the A-League's short history, including at Adelaide, Brisbane and Perth (twice). In those cases, player contracts were honoured by new owners.

"In all instances, except North Queensland and the New Zealand Knights where that club ceased to exist, all of the players and any outstanding payments have been assigned with the consent of all of the players from the old entity to the new entity," Australian Professional Footballers' Association chief executive Brendan Schwab said.

"Our expectation and insistence would be, should that circumstance arrive, the players would be protected and we are confident that would be the case.

"If it just so happens the club is a different legal entity or operates under a different ownership structure, for all intents and purposes it's the same club. It will have the same strip, same history, play in the same venue and have the same fans.

"We don't think that's a basis whereby the players are left in a vulnerable position."

Working in the Phoenix players' favour is the fact their season kicks off on October 9.

There would be little time for new owners to find a new playing squad, and the basis of a good side already exists at the club.

Wellington still needs to sign three more players before the season kicks off to meet the minimum 20 required under FFA regulations.