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The Dunedin City Council is working towards closing a deal on Carisbrook before Christmas.
City property manager Robert Clark this week confirmed comments made to Newstalk ZB that the council was in talks with two serious prospective buyers for the stadium.
In May, Mr Clark told city councillors there were five interested parties - a Dunedin investor, a Dunedin family, an expatriate with a "substantial amount of money" and two Christchurch-based organisations.
At that time, he also told city councillors he was not expecting the sale to be completed this year, but yesterday he said things had since progressed.
It was likely Carisbrook would be used for industrial purposes, but he declined to comment further.
The council bought Carisbrook from the Otago Rugby Football Union for $6 million in 2009.
Half of the neighbouring car park has already been sold for an undisclosed sum, as have six houses and a shed in Burns St that fetched about $700,000.
The council has agreed to provide an additional $143,000 for 2012-13 to fund holding costs until Carisbrook is sold.