Wellington Phoenix owner Terry Serepisos has offered millionaire property developer Mark Dunajtschik the majority holding of his football club as part of a bailout deal earlier this year.

Mr Dunajtschik said yesterday he had been offered a 51 per cent share in the Phoenix, but he believes the club, which loses up to $1.5 million a year, is a liability and he has no intention of taking control.

But he would contemplate offers from would-be saviours.

Mr Serepisos refused to answer questions yesterday but instead tried to persuade The Dominion Post to stay silent on the issue.

"I'm telling you not to write a story because, if you do, you will end up with egg on your face. It's not a threat but don't write a story." Mr Serepisos, who has debts of over $200m, has consistently said that he would receive a US$100m loan from Bahrain-based Western Gulf Advisory even though he has been waiting for the funds since February.

In a written statement, Phoenix chief executive Nathan Greenham said negotiations over the club's future would remain confidential.

"Should there be a necessity for change, all relevant stakeholders will be informed accordingly."

A Football Federation Australia (FFA) spokesman refused to comment on the latest twist in the ownership saga or on reports that it had given Mr Serepisos until September 19 to post a $2m bond for the season and pay outstanding wages, including about $100,000 reportedly owed to coach Ricki Herbert.

He also refused to say whether FFA had been in negotiations with a consortium of Wellington businessmen keen to take over the club, but appeared to open the door for the club to eventually be based in another New Zealand city.

"We can assure you that the FFA is committed to having a team from New Zealand represented in the Hyundai A-League and Wellington Phoenix will be kicking off their season against Gold Coast United," he said. Former Phoenix chief executive Tony Pignata, now working in Melbourne, said it appeared inevitable Mr Serepisos would lose control of the club but he hoped a change of ownership would be handled in a respectful manner.

"It would be nice for the new consortium to talk to Terry and I think he's earned that right."

Mr Dunajtschik said he was offered control of the club by Mr Serepisos earlier this year as part of a $4 million bailout to stave off liquidation action for unpaid taxes and ACC levies.

Mr Serepisos signed a share transfer for 51 per cent of the club as part of the deal, Mr Dunajtschik said.

However, Mr Dunajtschik had no intention of signing the transfer because taking those shares would see him inherit all the club's liabilities. The document was being held by his solicitor.

"You could call it an option if I want to take it up, which I don't ... it's probably a liability like anything that's got to do with Terry."

Mr Dunajtschik said he was "absolutely not" interested in taking over or supporting the football club but he might be willing to transfer the share options to someone else, though that would depend on who approached him.

"But God knows what the legal niceties of the whole thing are.

Last month The Dominion Post revealed a group of Wellington businessmen had a backup plan to save the Phoenix.

The consortium – labelled the Phoenix Five but understood to number just four – is led by Rob Morrison alongside his brother Lloyd Morrison, Sam Morgan and his father Gareth Morgan.

Confusion over a fifth member came about because the initial funding model would have seen five businessmen each provide $400,000 a year over five years, generating $2m a year for the club during that time.

The model was suggested during talks earlier this year as a way of sharing the funding burden.

It is sitting in the background as Mr Serepisos struggles under the weight of business debts totalling more than $200m.

Mr Serepisos last month proposed an "orderly" sale of $232m in property assets so he can pay off his debts and avoid bankruptcy.

Whether that plan has been accepted will become clear in the High Court, in Wellington, later this month.