Terry Serepisos remains owner of Wellington Phoenix after a meeting with Football Federation Australia (FFA).
Serepisos, a property tycoon with reported debts of more than $200 million, met with FFA hierarchy in Sydney on Monday.
Just three weeks before its scheduled season opener, Phoenix still needs to sign another three players to meet the league's required minimum of a 20-strong squad.
"Discussions between Mr Serepisos and FFA are ongoing, with both parties continuing to work towards a positive outcome for the football club," Wellington said in a statement.
"In recent weeks there had been widespread speculation that a definitive deadline of September 19 had been set to determine the future of Wellington Phoenix - that was not the case."
Wellington and the FFA would continue discussions in coming days and "make an announcement concerning the ownership of the club in due course".
"Until that time, the club will continue to operate in its current capacity," the club said.