Consultancy White Young Green is carrying out an investigation in to the Pow Beck Valley site proposed for a new sports stadium in Whitehaven, Cumbria.
The £300,000 study could pave the way for a new £11m stadium to be shared by the town's football and rugby league teams.
WYG said 11 potential funding sources for the facility have been identified. The practice, which has offices in Liverpool, Manchester and Mold was commissioned by Copeland Borough Council to compile a technical appraisal for the Pow Beck Valley site prior to submitting a planning application for the scheme.
John Kipling, regional director of WYG Engineering said: "As a multi-skilled consultant, we will be drawing on our expertise from across the business to look at issues such as land suitability, planning, transport and access for this proposed stadium."
The study is expected to be completed by the end of March, and all being well, a planning application submitted by the end of 2010, with construction starting in spring 2011.