Carlisle United's plans to move to a new ground could be halted in favour of redevelopment because of the December floods, says co-owner John Nixon.
The Cumbrians' current Brunton Park home was affected by the Storm Desmond floods, as were many other areas of the city and county.
Not only has the flooding reduced the value of existing assets, but also highlighted flaws in potential sites.
"It's definitely worth less than we would say it was before," Nixon said.
He told BBC Radio Cumbria: "It had an asset value of in the region of £6m, but if we had put it on the market I don't know whether we'd have got £6m, but we have no intention of putting it on the market.
"What it has taught us is that one of the sites we'd looked at for an alternative stadium, it was flooded. So that's really now not a goer because we'd end up in a flood probably there.
"Probably the way forward now - it hasn't been covered properly in board meetings - if we can with Environment Agency and Government funding, is to develop Brunton Park."
United are set to move their West Stand ground-floor offices to the first floor of the newer East Stand this summer.
Plans had been made for a new venture in conjunction with a developer, who had signed a lock-out agreement in 2014, although no definite site was selected.