Gregg feels that the club should receive word later today (Wednesday) that they have got their domestic licence and then later next month, he believes that they'll get the green light that Carnegie Premier Division will be staged at Drumahoe in the 2008/09 season.
"In all honesty I think if you have a league that doesn't have a team in from the second biggest city in a country this size then I think you have a problem," said Gregg.
"You might as well call it the Carnegie and Belfast area Premier League and to market something properly it needs to be available for everyone in the country to be able to see it.
"I don't think the problem is how many toilets we have or how many turnstiles we have, I strongly believe the new look league needs to be marketed right.
"We need the Irish league to make that step forward then it has to be right and I think not to have a team from the city would be a cardinal sin."
Meanwhile having taken over only a few weeks ago, Gregg along with his assistant manager Raymond McGuinness have certainly improved things on and off the pitch.
Although he would like to step in the hot seat for next season, he has admitted he'll only talk to the board about his future after this weekend's final match of the season against Lisburn Distillery.
"The players have been great to me and I can't praise them highly enough.
"Whenever I came and brought McGinn in we told them that we would be honest and we told them that the time for patting ourselves on the back for performances and saying that we were a great side were gone.
"We told them that we weren't a great side because the league table doesn't lie and if we were a great side then we would have been up in the top half of the table.
"However they took that on board and have come in extra nights for training and have worked really hard.