Dunedin City Council says it is close to concluding the sale of the former Carisbrook stadium.
The council bought the ground from the Otago Rugby Union three years ago for $7 million and has been trying all year to sell it.
Despite its three hectares of rare freehold industrial land, the old Carisbrook site in South Dunedin has been hard to sell because the economy is slow and a lot of demolition would be needed.
Council property manager Robert Clark says it is negotiating with two substantial buyers, and was suddenly contacted on Thursday by a third interested party.
Mr Clark says the council is finalising a conditional sale with one of the buyers for approval by councillors, hopefully before Christmas.