New owner Neville Dickens (left), has big plans for the club

The club and Wrexham Council submitted a document, The Racecourse Ground: 2012 Vision, to Culture Minister Alun Pugh.

They hope for assembly government funding to turn the ground into an international venue for all sporting events and concerts and conferences.

The club was bought by a consortium in August after being in administration.

If the bid succeeds, the council believe the ground could be offered as a training ground for football teams in the 2012 Olympics.

Wrexham Council has granted outline planning permission for a multimillion- pound redevelopment scheme.

Mr Pugh said he hoped a decision could be made in the new year, subject to a detailed business plan being put forward.

He added: "I want to see Wrexham Football Club go from strength to strength and I share the council's enthusiasm of using the Racecourse ground as a flagship facility to help the promotion of Wrexham and also north Wales as a place to live and visit."

The club went into administration in 2004 with debts of more than �4m, and was docked 10 points by the Football League.

It was finally bought in August 2006 by a consortium headed by local car dealer Neville Dickens.

He promised to plough any profits back into the club, and it is thought the stadium's redevelopment is crucial to Wrexham FC's financial future.