The current owner of the three-time A-League champion gave notice it would be forfeiting the club's participation agreement (CPA) and the Australian Professional Leagues (APL) took control late on Monday "while a sales process is completed".

"We believe it is the best course of proactive action to terminate the current CPA under the current ownership and run an expedited and robust sale process to find a new and stable long-term owner for the Mariners," APL chairman Stephen Conroy said via a statement.

"We are confident that with the engaged local and international interest, we can find the right buyer for the Mariners to take the club forward and ensure their long-term success."

The club, based in Gosford an hour north of Sydney, is currently bottom of the A-League with three wins in 12 matches.

The A-League was reduced to 12 teams just before the start of the season when Melbourne-based club Western United, the champion in 2022, had its licence withdrawn because of financial difficulties.

The club was placed in "hibernation" by the APL for the 2025-2026 season while it sorted out its problems and hopes to return for the next campaign.