Northern Spirit chairman Antonio Gelonesi said the club was on track to be taken over by a new entity by year's end after a meeting with the Australian Soccer Association and liquidators.

After almost two years of spiralling debts the National Soccer League club officially went into liquidation on Friday.

But club officials deemed the move a positive one, enabling it to cut itself free from the 49 per cent ownership from Scottish club Rangers - who allegedly owe the Spirit up to $1 million.

"We left in a positive frame of mind and worked through a lot of issues today," Gelonesi said.

"A lot of good things came out and I think we can at least reach an in principle agreement by the end of the year."

Gelonesi is expected to remain a part owner of the club and says two new northern suburbs-based businesses will also come on board as investors.

He said it was premature to speak about what amount in the dollar creditors would receive from the existing entity.

A spokesperson for the ASA described the meeting as "very positive" and said this Sunday's game between the Spirit and Olympic at OKI Stadium would go ahead.

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