Bob Clarkson is offering to sell Baypark stadium to Tauranga City Council for half its $24 million value, saying he wants to concentrate on his "other business".
The council plans to build a sports and exhibition centre on the site, and is eager to take advantage of MrClarkson's "extraordinary gift".
The National MP built the stadium six years ago on the council-owned site, making it the home of local speedway and the Bay of Plenty Rugby Union.
The council plans to put a proposal to purchase the stadium and associated buildings in the draft annual plan next week.
"Considering the facility at Baypark has cost Bob Clarkson in excess of $24 million, the proposal represents an extraordinary gift to the City of Tauranga by Bob," said Mayor Stuart Crosby.
He said the purchase would be subject to public consultation but was crucial to allowing the $35 million nine-court sports and exhibition centre to proceed.
The centre was needed to replace a leased facility in Mt Maunganui and to cope with growth, he said.
The council already has resource consent for the project and believes it will be able to reduce costs by using existing infrastructure at Baypark. It also aims to gain total control of the Baypark site, giving a promoter a contract to run the speedway.
Said Mr Clarkson: "I've achieved what I wanted to do and I'm quite happy to discount it now and move on to other things. I need to get the management reorganised and get this thing humming properly ... And it's called Parliament."
