Overnight, it was claimed Lowy would be standing down from the FFA as chairman as part of the ongoing row about reforming football's administration in Australia.

But at an explosive press conference in Sydney today where he blasted moves to overhaul the sport's governance, he refused to unequivocally say he would definitely stand down.

"What I've said is that I don't intend to seek re election," he told FourFourTwo. "The future is unclear..."

Lowy said he was making today's announcement to "remove myself from the debate so the stakeholders focus on the core issues at hand."

He outlined three possible scenarios for the FFA EGM that will approve or reject the proposed changes to its structure... and he said only one – where the board accepted the proposals – would be the catalyst for him quitting.

"The second possible outcome is that the working group proposals are endorsed by at least a 75% majority," he said, "Under those circumstances I would not be prepared to serve as Chairman beyond November."

The other two alternatives - where the current uncertain status quo continued and a third where "stakeholders step back and consider fully the long-term implications of any decision" – seemed to leave the door open for him to remain.

He dismissed speculation that he would change his mind and stand if he got the backing of stakeholders as "hypothetical."

He added: "I don't even want to go there because this is not about me, it's not about my dad, it's not about my family.

"What it's about is about leaving the game with a governance structure that is truly independent that will stand the test of time in the future."

Lowy must nominate himself for re-election by September 30 if he is to continue in the role he inherited from his father Frank Lowy three years ago

But insiders claim that by threatening to stand down, Lowy is actually turning the full focus of the governance reforms on himself and telling stakeholders to back him or see him leave...and beware what would replace him.

It is, they say, a case of high stakes brinksmanship - and calling the bluff of state federations who have stood up to the FFA.

In his statement today, he even warned: "Be careful what you wish for."

Lowy insists the reforms proposed by the FIFA-instigated Congress Review Working Group would be detrimental to Australian football and hand power to clubs and "foreign controlling interests",

He added: "We welcome foreign investment in our league. It is more than welcome – it is crucial.

"But when it comes to the whole of our game it should not be controlled by foreign interests."

However the CRWG report actually recommends the state federations – representing grassroots football nationwide – retain a 55% voting majority, no matter who owned the A-League clubs.

The two main pillars of the CRWG's report were dramatically opening up the FFA Congress – which controls who is on the FFA Board – to give A-League clubs, professional footballers and women players more of a say.

It would also provide a pathway for more groups like fans and NPL clubs to join within a few years.

The report also proposed the A-League was spun off into an independent entity in time for the start of the 2019/20 season, in a move which echoed the government-instigated Crawford Report from the start of the century.

But despite two official reports proposing the same thing, the FFA has repeatedly blocked the move.

Today Lowy insisted the FFA knew better and told FourFourTwo: "A report is just a report."

He questioned the timescale the CRWG report was put together and added: "There was a heavy influence from those that are very sympathetic to the outcome of the Congress Review Group.

"We're the only independent thinkers here. They've all got vested interests at stake here. It's a report. Does it mean it's right? Parts of it are right. Large parts of it we agree with and support.

"But the two crucial parts of it – being the make up of the congress and the imbalance in congress as well as the path to a separate A-League – our board strongly disagrees with and we've made that very clear."

Lowy's defence of maintaining the FFA's current strong grip on the sport's governance rested on the performance of the sport over the past 15 years.

He hailed the success of the Socceroos and Matildas and insisted A-League clubs' annual losses had been substantially reduced.

"For the stakeholders who must determine the future in coming weeks I issue this warning: those who do not learn from history are doomed to repeat its mistakes," he said.

"To those who are tired of the debate and wish for an outbreak of peace so that the game can get on with life, I say: be very careful what you wish for.

"So much of the debate about this struggle over governance has been woefully superficial and simplistic – treating it as a petty political fight.

"This has obscured the core principle over which the game is divided. The key principle is this - we shouldn’t allow representation to be driven by money."

The debate over governance has been sparked by the influence Lowy and his family have had over the game without giving a voice to others involved in the sport, but he claimed a similar danger lay in wait if there was reform.

"The type of governance model advocated by our critics leads to the trading of political favours between a few individuals, who would then control the many," he said.

"Even though our game now has record revenues at FFA, it is a finely balanced ecosystem with too few resources.

"When you allow vested interests to overwhelm the board debate it is inevitable that other deserving interests will lose out.

"This is ultimately about national interest.

"Not just in terms of ensuring our national teams and grassroots get the resources they need - but in terms of who controls it."

He added: "We are now at a tipping point – the game can get stronger, or it could break if vested interests prevail."