TIGHT-LIPPED: Phoenix coach Ricki Herbert is not commenting on reports he is owed $100,000 by Mr Serepisos.

Two consortiums of wealthy Wellingtonians are vying to save the Phoenix if owner Terry Serepisos is forced to give up his beloved football club.

Growing concerns over Mr Serepisos' financial situation has prompted a backup plan to prevent the club turning to ashes.

Related story: Terry Serepisos denies owing Ricki Herbert $100k

However, Mr Serepisos remains defiant and says he will not sell the club to help repay debts of $203 million to avoid bankruptcy.

His players are not convinced, however, and yesterday captain Andrew Durante publicly backtracked from his previously stated faith in Mr Serepisos' ability to bankroll the club.

Millionaire philanthropist Gareth Morgan confirmed yesterday that he had been approached by two groups garnering support to take over the Phoenix. "So many guys around town have had the phone call."

He confirmed his son and Trade Me co-founder Sam Morgan had also been approached. Both were willing to invest in a rescue package.

Mr Morgan would not comment on whether investment banker Rob Morrison was leading a consortium dubbed the Phoenix Five. "He could be, he could not be, I don't know."

Mr Morrison registered a new company called Investnix Holdings on September 1 and is listed as the sole director. He did not return calls for comment yesterday.

Wellington City Council sports portfolio leader John Morrison said last week that a rescue package involving five businessmen had been formulated.

Each would provide $400,000 a year over five years, generating $2m a year.

Mr Morgan said he had not been approached to invest yet, because the people behind the groups were reluctant to pre-empt Mr Serepisos.

"I think people are coming more from the `We should do this for Wellington' perspective than anything else.

"You know it's unreal what he's achieved, so I don't think anybody really wants to get involved except as a last resort if he has to give it away which, obviously, everybody is speculating he might have to. So who knows."

Football Federation Australia, meanwhile, confirmed the club's position in this season's A-league competition, starting on October 9.

A-League boss Lyall Gorman met Mr Serepisos in Wellington on Wednesday after reports that the FFA was going to revoke the property developer's A-League licence. But an FFA spokesperson said yesterday that it would continue to work closely with Mr Serepisos and the Phoenix to "ensure the club's stability".

Phoenix coach Ricki Herbert would not comment on reports he was owed up to $100,000 by Mr Serepisos. "I have a very, very good relationship with Terry, that would be the only comment I'd have."

The Phoenix have just 17 players on their books but Mr Herbert said he would fulfil A-League requirements by signing an additional three players before the season starts.

He said the team remained tight despite the constant speculation. "If I wasn't happy, I wouldn't be here, end of story. I love this club, I love the players. I'm absolutely committed to the Phoenix."

Captain Andrew Durante said Mr Serepisos had been a "fantastic owner" but he was unsure about the future. "It's not our decision ... it's out of our hands who ends up running the club."

He said he was currently fully paid by the club.

Asked if Mr Serepisos needed to relinquish his ownership for the good of the club, Durante said: "It's not my call. If the FFA feel he's not the right man for the job, he's not the right man for the job.

"If they deem him to be the right man then we get on, we're still going to be here every day training and doing what we do."