Nathan Tinkler will have to find more than $500,000 by Wednesday or risk having his licence to own the Newcastle Jets revoked.

After a day of crisis meetings in Football Federation Australia's corridors of power, the Herald understands the governing body served formal notice on Tuesday afternoon, advising Tinkler he had 24 hours to meet his obligations.

Dig deep: Tinkler has been warned again. Credit:Nic Walker

Jets players and staff are still waiting for their monthly wages, which were supposed to be paid on Friday. In addition, past and present Jets employees are owed a reported $400,000 in superannuation that is up to three years overdue, and Newcastle University Sport is owed $40,000 in unpaid hiring fees for the Jets' training facilities. It is understood FFA has demanded that all those liabilities be settled by Wednesday's deadline, which would cost Tinkler between $500,000 and $1 million.

If he cannot comply, the FFA is poised to oust him as owner, just as former Jets owner Con Constantine was deposed in October 2010, when he also was unable to pay his players. In a statement issued on Tuesday night an FFA spokesman said: "This situation needs to be resolved urgently. FFA is preparing to take steps to address this matter." FFA chief executive David Gallop warned Tinkler in February he had "a matter of days" to honour his commitments, but despite assurances, they remain outstanding.