Penrith could become the home of a $500 million redevelopment which would include the construction of a new roofed stadium on the land currently occupied by Sportingbet Stadium and the adjoining harness racing track.
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It is understood the ambitious proposal is being driven by Penrith city, Harness Racing NSW and politicians including local MP Stuart Ayres, who is also Fair Trading Minister.
The finishing touches are being put on a master plan for the 35,000-seat stadium, which is expected to cost $300-$500 million. Its success hinges on the proposed Badgerys Creek airport.
The stadium could be used by NRL teams, the Western Sydney Wanderers, the Penrith Emus rugby union club and other local sporting teams, and could host concerts and events.
There have also been discussions about the venue being controlled by the ANZ Stadium Trust, which would allow the four western Sydney-based NRL teams - Parramatta, Canterbury, Penrith and Wests Tigers - to split home matches between the two venues based on the number of fans each game is expected to attract.
It is possible matches that are likely to draw smaller crowds could be played at Pirtek Stadium, but Parramatta is unlikely to receive a new stadium given its proximity to ANZ Stadium at Sydney Olympic Park.
Sportingbet Stadium is located on crown land under the control of Penrith City Council that is leased to the Panthers, while the adjoining paceway site is under the auspices of the Penrith Agricultural Society.
The government has outlined a stadiums strategy policy in which larger venues, such as ANZ Stadium and the Sydney Cricket Ground, would be given funding priority.
The strategy includes a commitment to build a ''tier two'' stadium in the greater west. Penrith's bid is understood to be favoured ahead of proposals in Liverpool and Parramatta.
The plan requires Harness Racing NSW to sell their Bankstown, Fairfield and Penrith Paceways with a view to constructing a joint trotting and greyhound track at Eastern Creek, as the Western Sydney Parklands Trust is keen for the site to be on its land.
However, Penrith City Council is also vying for the new racing facility and could provide land at a nominal rate to ensure it is housed there.
The NSW Harness Racing Club relocated to Menangle Park Paceway near Campbelltown in early 2011.
The Panthers, who currently play out of Sportingbet Stadium, attempted to buy into the Wanderers when the A-League club announced it was up for sale.
The overtures were rejected but it is understood the parties could be prepared to work out a venue-sharing arrangement.
Penrith officials have outlined bold membership and attendance targets which would render Sportingbet Stadium too small in future years.
Eels chief executive Scott Seward said this weekthat his club and the Wanderers were working together with a view to redeveloping Pirtek Stadium into a 32,000-seat venue.
There is currently no state government money allocated for this, but it is understood the sale of Wentworth Park greyhounds to developers would bankroll a big part of the project.
