The Jets have a month to finalise a new owner or face the prospect of folding, as negotiations with consortium FC32 to buy the club drag on.

It's not the first time the club has come up against ownership uncertainty, as former Newcastle Breakers and club captain Andy Roberts knows better than most.

"It's pretty important we have a team, Newcastle has been renowned for producing quality footballers for over 100 years," he said.

"We've been through this many times, even when I was playing we had different guys coming and going with ownership.

"But for Newcastle not to have A-League representation, it would be a travesty not only for the current players, but for generations of kids that aspire to play at the highest level."

It's up to the powers that be and the potential new owners to secure the club's future, Mr Roberts said, fearing that if Newcastle loses its club it may never have one again.

"So much good talent has come from this area, and for us to not have a team potentially would just be horrific," he said.

"It's got so much potential, maybe this is a reaction from the APL (Australian Professional Leagues) to put pressure on them to get the deal done, because it's been going on for quite some time.

"If I had millions of dollars I'd be the new owner, I wouldn't blink twice."

APL chairman Stephen Conroy said this week that the body which runs the A-Leagues would not prop up floundering clubs.

The Jets have been funded by the chairman of four rival clubs since former owner Martin Lee lost his licence in January 2021.

However, they are not willing to continue bankrolling the struggling outfit and want out.

The news is no surprise to members like Matt Vandenberg, who pointed out it's the third or fourth time the club has faced going under.

He said the real issue is a "lack of transparency" from the club, which has left fans in the dark.

"Whether it's the A-League or the Jets' fault, I think people just want answers about what is the near and long-term future for the club," he said.

If the Jets ceased to exist, Mr Vandenberg, who travels to all the away games, said "devastated" would be an understatement.

"I don't have bad days, I've never had a bad day, but I think I would figure out what one is if the Jets were done," he said.

"It would change people's lives, I know so many loyal and loving people who care so much and who would do anything for the club.

"It would be heartbreaking."

The Newcastle Herald understands a lack of clarity from the APL on issues like the salary cap and financial distributions has stalled advanced negotiations.

The major obstacle appears to be the yearly financial distribution, with each franchise receiving $2 million in grants this season down from $2.3 million.

Newcastle MP Tim Crakanthorp said it would be devastating to lose the iconic club which represents the region on the national stage.

"Our region has produced some of the world's best footballers, from Craig Johnson, Cheryl Salisbury and Ray Baartz to our current national team stars like Emily Van Egmond and Clare Wheeler," he said.

"We also have one of the only youth academies in the country that provides a pathway for both our young boys and girls, and they need a pathway and incentive to the national competition.

"We simply cannot see this process fall over. I hope that the discussions with the former prospective buyer are re-booted and they come on board as a matter of urgency."

Less than a year ago, Newcastle's civic precinct was awash with green and gold while thousands of football fans cheered on the Matildas in the World Cup.

In 2018, the Jets' grand final match at McDonald Jones Stadium drew thousands of spectators to the city and delivered an economic benefit of more than $1.7m, according to City of Newcastle (CN) figures.

Lord mayor Nuatali Nelmes said Newcastle United, which was formed in 2000 and was rebranded as the Jets for the inaugural A-League season in 2005, had played an important role in the city's sporting landscape.

"I hope that the matter of the ownership of the Newcastle Jets is resolved quickly to provide certainty for its players and their supporters, and ensure that local kids can continued to aspire to playing professional football in their own backyard," she said.

The sentiment was echoed by Minister for the Hunter Yasmin Catley, who said she hopes they're successful in "sealing the deal".

As a long-time Newcastle Jets fan herself, Wallsend MP Sonia Hornery said it's a "very stressful situation".

"This uncertainty is not good for the club's staff, management, players, fans or the coach," she said.

"It doesn't help their peace of mind mid-season."

She said it was important for regional cities outside of Sydney and Melbourne to have football teams too.

"With the introduction of Auckland and the expansion of the league, it would be a tragedy to see a former league champion from 2008 as well as an A-League founding member fold in these circumstances," Ms Hornery said.

"It is my hope that the APL and the party interested in buying the club can come to an understanding and an agreement soon."