The 850-year-old Delapre Abbey - the site of the Battle of Northampton in 1460 - needs renovating and a use for the site needs to be established.
A new trust will look at possibilities for the site which could lead to a large conservation project.
An application has been made to set up a charity - called the "Delapre Abbey Preservation Trust" to gain funding.
Its formation could help secure funds from organisations such as the Architectural Heritage and Lottery Funds.
The trust would commission a feasibility study to look at the options for the Abbey.
Before any feasibility study can begin a conservation plan needs to be in place.
Northampton Borough Council has commissioned The Conservation Studio, who specialise in planning and architecture for historic buildings, to do this work.
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