The Tynesiders hope to move to the new Prince Consort Road stadium, which will meet the minimum standard required to host Football League matches, in time for start of the 2011-12 season.
The stadium proposals also tie in with the club's plans to turn professional from next season, a move bankrolled by Wood.
Gateshead currently play their games at the town's International Stadium, predominantly an athletics venue that they rent from the town's council.
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