TERRY SEREPISOS: Committed to the Phoenix, but facing some serious financial difficulties.

Plans are afoot to guarantee the financial future of Wellington Phoenix and ensure it remains based in the capital should Terry Serepisos be unable to continue to bankroll the club.

Concern over the club's future intensified on Monday after Mr Serepisos proposed an "orderly" sale of $232 million in property assets so he can pay off debts of $203m and avoid bankruptcy.

The deal needs the approval of his creditors and the High Court. But Mr Serepisos made it clear that his beloved Phoenix was not for sale.

Wellington City Council sports portfolio leader John Morrison said growing concern over Mr Serepisos' financial position had led to the formulation of a back-up plan to ensure the survival of the Phoenix.

Five businessmen would each provide $400,000 a year over five years, generating $2m a year for the club during that time.

Some of the five involved approached Mr Morrison themselves with offers to help the Phoenix should Mr Serepisos find it impossible to fund the club.

Mr Morrison said he was not the only person involved in organising the potential rescue package, but his responsibilities through his council role placed him in a pivotal position.

Offers of help from other people outside the proposed structure had also been received, he said.

"While we support Terry and the Phoenix, it would be mad to ignore his financial problems. We need to move to make sure the Phoenix remains in Wellington."

The new A-League season is about six weeks away but the Phoenix has still to fill its full roster of players.

The club's recruitment plans hit a snag last week when Dutch striker Maceo Rigters turned down a contract offer, unhappy with what he would be paid.

He flew back to Europe after scoring a goal as a second-half substitute as the Phoenix were smashed 5-1 in a pre-season game against Brisbane Roar.

Football Federation Australia, which issued the Phoenix's A-League licence to Mr Serepisos, said last night: "Football fans in Wellington and across New Zealand can rest assured that the Wellington Phoenix will compete in the 2011-12 Hyundai A-League season.

"FFA is committed to a 10-team competition this coming season and will be working closely with Terry Serepisos to ensure stability for the Phoenix players and staff . . .

With a talented coaching and player group, passionate and committed fans and a supportive community, the Phoenix has a big role to play in New Zealand football."