Plymouth Argyle say plans to replace their grandstand could be scrapped if a separate development goes ahead.
A £50m scheme for Home Park, featuring a cinema and hotel, was approved by the city council in August 2013.
But a separate £40m plan to build a 12-screen cinema has now been proposed for the bus station site two miles away.
"PAFC's Board believes that the approval of the Bretonside plans would be materially damaging to both the club and the city," said a club statement.
"There is no credible alternative to deliver the grandstand."
|Board looking to move club forward|
|"With the new grandstand, the prospects of sustainable Championship football are real; without it, those prospects are a pipe dream. "Plymouth remains the largest city in England whose team has not played in the top division."|
Earlier this month Argyle chairman James Brent said the club was at a "critical point" over funding for a new stand.
The statement continued: "PAFC has been working with a city institution to find an alternative funding solution not requiring the immediate development of Higher Home Park.
"Although talks continue, they have not been successful to date and there is no assurance that they will be successful in the future.
"With the new grandstand, the prospects of sustainable Championship football are real; without it, those prospects are a pipe dream. Plymouth remains the largest city in England whose team has not played in the top division."
The redevelopment of Home Park would include a new grandstand, 10-screen cinema, ice rink and a hotel.
But British Land Company PLC has submitted a proposal for Bretonside bus station for a cinema, restaurants and a new walkway linking the city centre to the waterfront.
"Planning consent for the Higher Home Park development was granted in August 2013 and the developer indicated that work would start soon afterwards," Plymouth City Council said in a statement to the BBC.
"We have not received a planning application for British Land's proposals for Bretonside.
"All planning applications are determined on their individual merits against our planning policy framework. It is not for the council to dictate to developers what schemes are put forward or not."