The former National Soccer League side has a strong financial backing and if approved will be called the Gladiators.

They plan to play at a refurbished Ballymore Stadium and wear maroon, gold and blue and been arranging the bid for nine months.

Bid chairman Robert Cavallucci has met several times with the FFA who have been receptive at the due diligence of the bid.

"Our bid is complete. Our funding model is secure. We are ready to join the A-League," Cavallucci, who made the announcement at a luncheon in Brisbane on Friday, told AAP.

"In our view, Brisbane is ready for two teams as well. To think it can't support two teams is misguided.

"But we know it's not just about us, it's about how we can help grow the A-League as a whole, and increase attendances and TV ratings.

"Our plan, and the introduction of a Brisbane derby, can make that happen."

The consortium wanted to buy the struggling Brisbane Roar last year but were rejected prompting their bid for Brisbane City who were founded in 1952.

Investors will fund the upgrade of Ballymore which can seat 18,000 and would provide a different experience to the Roar’s base at Suncorp Stadium.

The Roar currently train at Ballymore but are shifting to a new Logan facility.