Dunedin City Council could lose millions in the sale of Carisbrook Stadium, which it has reportedly sold to a South Island construction firm.
The council announced yesterday it would sell the historic ground to an anonymous buyer, stating it could not reveal details about the sale until it became unconditional.
In 2009 the council bought Carisbrook from the cash-strapped Otago Rugby Football Union for $7 million as part of a deal meant to bail out the union.
Elizabeth Kerr, a built environment consultant and blogger for 'What if? Dunedin...', has claimed the ground was sold to Calder Stewart for $3 million.
Calder Stewart, a company founded in 1955, has 10 branches across the South Island.
The company said on its website it offered full construction services and "flexible financing arrangements" for building developments.
A council spokesman said he would not confirm the sale to the company, because details of the agreement were still commercially sensitive.
In yesterday's statement, the council said that when the agreement became unconditional, the sale price and other details would be publicly available.
Carisbrook is zoned industrial, and the council said the buyer intended to develop it for that purpose.
The spokesman said this meant that whoever bought the ground would "not be able to divide it up for retail or anything like that".
Calder Stewart declined to comment.
Which three first-fives would you have taken on the All Blacks' northern tour?