Mr Farmer told council there were facilities in Tauranga that worked well and others that were not so efficient.
"We will be having a look at what works, if some are duplicated and could be merged, which ones need upgrading to better serve the community or if new facilities are needed."
He said BLEL had an "aggressive plan" to increase revenue over the coming years with more events like the ENZED V8 Jetsprint Championships held at ASB Baypark in the pipeline.
The review would also look to businesses, trusts and "philanthropic groups" for funding to develop facilities or pay for new purpose-built ones.
Mr Farmer told council the organisation expected to have an outline within 18 months.
Councillor Catherine Stewart questioned whether BLEL's plan to increase revenue would fit with community expectation of access.
"Aggressively growing commercial revenue could push prices up too high that they become a barrier to use.
"I would prefer to see a balance of commercial interest and community good."
BLEL was formed from the merger last July of the loss-making council-controlled Tauranga City Aquatics Ltd and Tauranga City Venues Ltd, as well as several council sports and community facilities.
Mr Farmer said since the merger BLEL had found about $600,000 worth of savings and forecast a surplus of more than $250,000 this year.