A new AS$1bn (£524.9m, US$750m, €676.7m) stadium is being proposed for Melbourne, Australia by Eddie McGuire, the president of Aussie Rules Football club Collingwood.

The proposed 60,000-capacity stadium will be built adjacent to the Melbourne Cricket Ground and will feature a retractable roof.

Collingwood currently plays at the Etihad Stadium with fellow Aussie Rules clubs St Kilda, the Western Bulldogs and North Melbourne. All four clubs pay rent to play at the stadium and McGuire said the opportunity to own a ground would enhance their future prospects.

“There would be an opportunity for all clubs to eliminate debt and not be reliant on television money, because we don’t know where the world of television is going in the next five to 10 years,” McGuire told Australian publication Triple M

He added that with a new stadium the clubs would not need to maximise returns for shareholders, and the facility would provide an “opportunity to put money into grassroots football” to “bulletproof” the sport.

McGuire has spent 12 months talking over the plans with the government, Melbourne Cricket Club, city planners, developers and financiers.