Leeds United want Leeds City Council to help them buy back Elland Road stadium and their Thorp Arch training ground.
The Championship side pay £1.5m a year to a British Virgin Islands company to play at Elland Road.
Leeds have a buy-back option of £13m on the stadium and £5m on Thorp Arch which were sold to avoid administration.
Chief executive Shaun Harvey told the Yorkshire Evening Post: "If the club owned the stadium there would be no longer any mystery as to who owns it."
Both Elland Road and Thorp Arch were sold prior to chairman Ken Bates' arrival in January 2003 as Leeds battled to avoid administration.
They were sold to Manchester businessman Jacob Adler, who later sold Elland Road to Teak Commercial Ltd, a mystery BVI-based company.
"It would enable the club to play a full part in the redevelopment of the Elland Road area"
Harvey added: "We have approached the council with a request they assist us by providing a mortgage so we are able to re-purchase both the stadium and Thorp Arch.
"The mortgage sought by from the council would be comfortably covered by security in the form of a charge over the stadium and Thorp Arch, and also a personal guarantee from a prominent Leeds businessman.
"It would enable the club to play a full part in the redevelopment of the Elland Road area and create income streams to support the club on days other than matchdays."
The club is already set to receive more than £33,000 of taxpayers' money this year to boost its finances after being granted "hardship relief" against its business rates by the city council.
The council said it granted rate relief worth £33,625 because of the club's importance to the community.
The Elland Road business will benefit from a total business rate relief of £134,000 in 2006/2007 - the maximum allowed under European Union state aid regulations.