The future of the foundation A-League Women's franchise has been cast into doubt in recent weeks with the APL still trying to finalise a $20 million deal to create a men's team.

It prompted star striker Michelle Heyman - who was named in the Matildas squad on Wednesday for a game against Mexico in April - to speak out about the situation.

Here's everything you need to know about why the players and fans are concerned, and what happens if the men's bid fails to materialise.

It all started when the APL launched its expansion push more than 12 months ago, nominating Canberra and Auckland as its preferred locations for two new men's teams.

The move was part of a long-term plan to increase broadcast revenue and grow the A-Leagues competitions. Canberra had been unsuccessfully lobbying for a men's licence for a decade, and expansion for the 2024-25 season was viewed as the right time to end the delays.

The idea was for the new men's team backers to also takeover the existing women's side, which joined the old W-League in 2008 as the only club not affiliated to a men's franchise.

Capital Football - the peak body for soccer in Canberra - has been operating the women's licence for the past 16 years. But as a state federation, running the team has put pressure on financial resources.

Capital Football was happy to relinquish rights to the team if the men's bid was successful, but wanted financial compensation for the brand it had cultivated.

The APL initially set a deadline target of June 30 last year for finalising an investor for Canberra. The deadline passed and was pushed to September. Then December. Then January.

We're now in March and officials say the deal is close, but it is yet to be finalised.

A-Leagues Commissioner Nick Garcia told ESPN on Wednesday he wanted an answer on the Canberra men's franchise "one way or the other, in the next two or three weeks".

It's unclear if the men's team will be ready to play its first A-League Men's game in October - just seven months away - even if the men's team gets the green light in the coming days.

"We are dealing with a consortium that is made up of people from the football world, people in the investment world, [who are] tied in with a European club," Garcia told ESPN.

"They've done a huge amount of work in the background, which is why we're able to stretch the deadline for when they get awarded [a licence]. Their bid document looks solid, and the way they're constructing it makes sense, but there are some things they've got to iron out."

The APL has been negotiating with an investor about buying the Canberra licence. But given the size of the investment, AUSTRAC - the Australian Transaction Report and Analysis Centre - has been monitoring money movement while the Foreign Investment Review Board is also involved in the process.

V Sports - the owners of English Premier League Club Aston Villa - has also been flagged as an investor and there is still a quiet confidence the deal will be finalised in the coming weeks.

The foundations laid by Michael Caggiano's bid six years ago will help fast track deals with the ACT government and Canberra Stadium, members have already signed up and sponsors are said to be keen to invest.

"As you imagine, there are always multiple layers to any expansion process and there's a couple of things that they are just trying to nail down right now, which are not things we can help [the consortium] with," Garcia told ESPN.

"They've got to go away and come back to us. They believe the response to that is imminent ... it kind of has to be because we need to know where it's a go or no go on Canberra for the 2024-25 season.

"We want to get them confirmed, one way or the other, in the next two to three weeks."

Some officials have also earmarked potential player recruits, but time is running out.

Yes. The men's bid has always had a plan to join the men's and women's teams under one banner and invest in both competitions.

The bid had a memorandum of understanding with Capital Football to takeover operations if granted entry to the men's competition. That agreement remains in place.

Asked about the future of the women's team, Garcia said "right now, there's nothing really to tell them because it's all under commercial in confidence. It's not the right time to have the conversation."

This is unclear. It appears more and more likely there will be a split between the two.

Capital Football has admitted the increased costs of an expanded women's season, and an increase in minimum wages, has put pressure on the organisation's finances.

There have been rumblings for several years about Capital Football's interest in operating the team, despite record memberships and crowds this season.

Officials have declined to directly answer whether they will commit to running Canberra United if the men's bid doesn't eventuate this year. They say they can't make any decisions until the APL does. Capital Football has been regularly speaking with the APL to get updates.

"The requirements to run Canberra United is increasing exponentially year-on-year and in the current economic climate sourcing ongoing financial partners and relevant dedicated expertise has proved difficult," a Capital Football spokesperson said.

"Capital Football have, with great success, run the club for the past 16 years and, as an organisation, need to ensure the future sustainability of both Canberra United and Capital Football whilst focusing on our core business."

It is expected the men's team will get over the line, but the timeline for that happening remains unclear.

If the APL can't sign a deal with an investor in the coming months, Capital Football would have to decide if it was willing to operate Canberra United without external support.

The APL says it will not take over any men's or women's A-League teams. And Capital Football's reluctance to commit is fuelling concerns Canberra's women's team may not exist next season.

All A-League Men's teams need to have a women's affiliate per APL regulations. So if an investor is keen, but the runway is too short to start a men's franchise, the new owners could operate the women's team next season and then add a men's expansion side in 2025-26.

There is significant tension between Canberra United players and Capital Football. The players want an assurance the club will exist beyond this season, irrespective of the men's bid. Capital Football is unwilling to plan beyond the final games of this season because of the looming APL decision.

It has put players in an awkward position as they near the end of their work and living arrangements for the season. Some are wondering if they should sign new leases for their homes, or leave Canberra and join other clubs to guarantee their playing futures.

There has been a breakdown in communication, prompting club legend and current Matilda Michelle Heyman to speak up on behalf of her teammates last week.

"Our team is 16 years old and has a long [history], but if players are not guaranteed playing time [next season], then what's the point of staying," Heyman said.

"The regular season ends at the end of this month and we have no idea what's going on. It's more than frustrating for the players and coaching staff."