Wellington City Council is considering demolishing the Museum Stand at the Basin Reserve cricket ground and has put $500,000 aside to do it.
The 1920s stand is in need of earthquake strengthening work and has been out of use since March.
There are cracks in the concrete and the roof is in need of major repairs.
The cost of the work is estimated at between $8 - $10 million.
Wellington councillor and Basin Reserve Trust member John Morrison says ideally he would like the stand to be preserved, but realises cost could be a barrier.
The council will know in the next few months, following final engineering reports, if the stand is worth saving.