Phoenix faced being wound up today over a $3.5 million tax bill owed by Serepisos's Century City companies.

But Serepisos told the High Court in Wellington that the money - from a secret source "external" to the group -  had been put in his lawyer's trust account today.

The court adjourned the liquidation proceedings until tomorrow to ensure the cash is paid to the Inland Revenue.

Serepisos's lawyers want further time to negotiate with the Inland Revenue over some of the penalty payments imposed over the unpaid tax., while the taxmen want an extension to ensure Serepisos meets his obligations on his next tax bill due on May 20.

But the cash injection appears to at least safeguard Phoenix's immediate future.

The club appeared on the brink of handing its licence back to the FFA if Serepisos's companies were liquidated.

Insiders at the FFA were confident they would find replacement owners and claimed to have already had interest in taking over the licence weeks ago.

But New Zealand Football had backtracked on earlier suggestions that they would bankroll the club if needed, despite the massive benefits Phoenix have brought Kiwi football.

See more on Terry Serepisos's cash battle here.