Finn Harps have set a target of the 2024 to move into their new stadium, with plans revised to reduce costs which sees the number of seats in the venue cut to 3,300.
In a statement on their website, Harps cited rising construction costs as another hurdle for the build which has been hit by considerable delays.
€1m has already been spent on the venue in Stranorlar. The government last year announced a provisional allocation of €3.991m for the stadium's construction.
Just 15 months ago the entire project was costed at €11.5m and that was set to jump considerably due to the change in pricings in the construction industry.
As such, it has been reduced to €8m with alterations made to the plans.
At one time, 6,600 seats were planned, now reduced by 50%.
A club statement read: "Supporters will have seen last week that the Dalymount Park project in Dublin had to be revisited as prices for building works have rapidly risen with regard to their original plans.
"Finn Harps also faced this dilemma as we noted last year that inflation in the construction industry was going to be a major issue for us. As a result, our stadium sub group looked at other options for construction with bottom line budget and the desire to deliver a complete modern stadium being the determining factors.
"We looked at stadia in Ireland, Europe and the UK which used steel structures as the main component of the build. We opened discussions with the Department of Sport, Donegal County Council and the FAI and because of this proactive approach we are now at a very advanced stage with regard to receiving approval for an alternative build.
"The stadium we propose will have a capacity of 6,130 totally covered. There will be 3,300 seated along both sidelines, comprised of 1,930 on the West Stand (current structure) and 1,400 on the East Stand with 2,800 standing in covered terracing (1,400 behind each goal).
"Since January of this year we have gone directly to the market place to ascertain up to date costs and we are in direct discussions with a number of suppliers about building the different elements of the stadium
"It will take approximately nine months to construct and when we lay the pitch it will take 10 months to mature.
"We have not got a definitive start date as yet but we must lay the pitch at the latest in September 2023 which means all building will have to be complete by that date."
Harps are hopeful that government will allow work to proceed on the stadium as they draw down approved funding.
They said: "We have put in a lot of work over the past four months to the extent that we are now very hopeful that the Department of Sport will approve the recommencement of work in the near future.
"While it is not over the line yet, we are optimistic that we can at long last deliver a stadium that is modern, accessible, atmospheric and that all of the county can be proud of.
"The economic benefit and profile that this stadium can bring to Donegal should not be underestimated.
"Our primary aim however is to have a stadium for the people of Donegal, especially the younger generation, and it is our hope that local clubs will have the opportunity to play there whenever the pitch is free and available.
"As we develop our ladies and girl's football it is of the utmost importance that we have proper facilities of the highest standard."
The club will be embarking on major fundraising efforts shortly and are in talks with companies about naming rights options on the venue.
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