Developing a sports village at Odsal could cost either £75 million or £57 million, with the more expensive option meeting everything on backers’ “wish-list”.

Several ideas for Odsal Sports Village have been whittled down to two – with both containing a stadium for Bradford Bulls, a community sports facility with a 25-metre pool, and a 120-bed hotel.

But the £75m scheme involves a completely new 18,000 all-seat stadium created by raising the pitch level by 15 metres, 80,000sq ft of sports retail and extra parking.

The cheaper option would see the existing stadium redeveloped with seats and a cantilevered roof added to the existing east stand.

Current guaranteed funding only runs to £19.1m – with Bradford Council earmarking £15m of that from funds released by the sale of Leeds-Bradford Airport – and the remainder from regional development agency Yorkshire Forward.

The project’s steering group hopes to bring in £18.5m in commercial retail and sponsorship, £15m in contributions from its primary partners – such as the Bulls, Bradford College, Bradford University, NHS Bradford and Airedale – as well as more from Yorkshire Forward.

A further £14.8m could come from external grant funding, such as the European Regional Development Fund, Sport England, the Football Foundation, and the governing bodies of various sports.

A report to the Council’s decision-making executive states that the first scheme presents an opportunity for the district to “reposition itself as a centre for sporting excellence” and allows greater flexibility to incorporate additional facilities.

However, the “cost may be prohibitively expensive or cause delays in delivery as additional external funding is required”, says the report.

The build programme would also take longer with having to raise the height of the stadium.

The second option “presents a more affordable solution that can be built on a tighter timescale” and it might also be “better value for money”, the report points out.

Yet the mix of seating and standing at the revamped stadium would limit the options for it to be used for other events and sports.

Bradford Bulls chairman, Peter Hood, said: “The multi-faceted Odsal Sports Village offers many reasons for people to come to Bradford – there will be the possibility of students being able to enjoy full-time education on site and visitors who will boost tourism.

“The scheme is now at a crucial stage. A number of stakeholders – notably Bradford Council, Yorkshire Forward and Bradford Bulls – have pledged financial commitment. Other stakeholders such as some sports national governing bodies have yet to do the same.”

The meeting takes place at City Hall on June 2, at 2pm.

Councillors will be asked to choose the £75m scheme as the preferred option and Jane Glaister, the Council’s strategic director of culture, tourism and sport, is set to be authorised to appoint specialists to develop the project further on that basis.

e-mail: jo.winrow @telegraphandargus.co.uk