Five months ago Frank Lowy told the world Football Federation Australia was no longer a "bank". Last week he agreed to underwrite a new team from western Sydney, and today he has another unpalatable decision to make. Fellow billionaire Nathan Tinkler today pulled the pin on his backing of Newcastle Jets, and unless the FFA steps into the breach one of the competition's marquee clubs could go under. The A-League is officially in crisis.

A week ago, the FFA was keen to present a buoyant face after unveiling its plans for a team from western Sydney. The cameras were rolling, and Ben Buckley was smiling, as he stood next to Prime Minister Julia Gillard to talk bullishly about the future of the competition.

Uncertain future ... Newcastle Jets Credit:Grant Sproule

The next day there were no cameras, and little fanfare, as the FFA quietly announced via press release that Gold Coast United, after three troubled seasons, would be closed down.

The ongoing confrontation with another billionaire owner, Clive Palmer, couldn't be resolved - or there wasn't the will to resolve it. Either way, less than a week later, that decision has come back to haunt Whitlam Square.