The property meets the criteria for category 1 historic places registration and - if Carisbrook is not retained or if it is downsized as a venue - it should be designated as a public reserve and held in trust for citizens, the report says.
Further, the pitch, turnstile building and a representative section of both the terraces and other grandstand structures should be retained and a conservation plan prepared.
The registration assessment report for the property, sought by former city councillor Lee Vandervis, said while most buildings at Carisbrook were relatively new, as a sporting venue Carisbrook "and its associated mythology has outstanding significance in the public imagination and contributes to New Zealand's national identity".
Report writers Heather Beauchop and Jonathan Howard describe Carisbrook as being significant as the major provincial rugby and cricket ground for Otago for more than 100 years, serving as a base for cricket since 1874 and rugby since 1886.
"Carisbrook is recognised as having its own social character and atmosphere and has outstanding social significance as the focus of countless thousands of fans and spectators, and both local and international visitors and sports teams."
Mr Vandervis said last night he had not read the 64-page report in detail but was happy with proposal, which was recognition of Carisbrook's value now and in future.
"The English have recognised Wimbledon as having ongoing value as their heart of tennis despite its sloping ground and old stands, and we need to recognise Carisbrook as having similar iconic, practical and tourism worth for us."
He did not believe it would be necessary to designate the area as a public reserve to protect it because the Awatea St stadium could not be built, he said.
The proposal is expected to go before the New Zealand Historic Places board of trustees after public submissions (which close on July 11) are taken into account.
Carisbrook Stadium Trust chairman Malcolm Farry said he had not seen the report so was unable to comment fully, but was hopeful there was nothing in the proposals which would mean the trust was unable to listen and react appropriately when the time came to consider the use of the land.
Among the suggestions to the stadium trust for the use of the land were an industrial or technology park, a residential village, a sporting ground for several clubs or combined sports, and a library with a social centre.
None of these had been evaluated and it could be that some would not be precluded if the area were designated as a reserve.
It would probably be 2012 before anything would start on the property and consultation over its future was still more than a year away.
"It is important for us to find a balance between preserving our heritage and history and enhancing our future."
Otago Rugby Football Union chief executive Richard Reid did not wish to comment before reading the Historic Places Trust report.
The report points out while Wellington's Basin Reserve and its pavilion are registered, none of the other provincial or international grounds with which Carisbrook could be compared are.
