Burnley Football Club (BFC) has unveiled ambitious plans to establish a new "football university" as part of a wider regeneration project aimed at boosting the town's economy.

The new university, which will be located on the site of Burnley Cricket Club's (BCC) existing home, would offer courses based on the day-to-day running of a football club, including finances and stadium design. BCC would relocate to a new home on the former Towneley Park School as part of the multi-million pound proposals, along with a redevelopment of Weaver's Triangle and a new "StadiArena" at the Turf Moor stadium.

The StadiArena would provide a dual-use facility, which would be able to host concerts, exhibitions and conferences in addition to providing a new stand to replace Turf Moor's David Fishwick (Cricket Field) Stand. Meanwhile, Weaver's Triangle is set to benefit from a new entertainment complex and student accommodation under the plans, which have been drawn up in partnership with Burnley Borough Council.

Other parts of the scheme include improvements to the Leeds/Liverpool Canal to provide a new gateway to the university, as well as reopening a rail link between Burnley and Manchester for the first time in 30 years. The Prince's Charities, a group of not-for-profit organisations founded by the Prince of Wales, will also be involved with the scheme, which will be funded through debt financing, private equity and grants.

BFC chief executive Paul Fletcher said: "On the basis of one idea involving the building of a new stand at the football club, this could become a much bigger idea, shared by all parties. "If you dare to dream, dream big and this is not just about Burnley Football Club, this is about the whole town of Burnley and potentially leaving a massive legacy brought on by promotion to the Premier League."