Wodonga's Scott Walters and his wife Karen have confirmed they bought the property which was on the market for more than two years following its closure by former owners, Penrith Panthers.

The sale was clinched in late January, but settlement on the purchase only occurred last week.

Mr Walters said his immediate priority was cleaning up the once derelict property before chasing a tenant for the sports club building which didn't need demolishing.

"I'm giving myself three to six months to tidy it all up and in that time seek expressions of interest from parties who might want to move in," he said.

"It is just a matter of finding someone who might suit these premises.

"It will then be a case of whether they want all of it or just some of it.

"I just want to bring it back to life because it was such a good place.

"But the more I can do myself the more I can save."

Mr Walters is the business manager at Wodonga's Middle Years College and the former sports club is the biggest property development he has undertaken.

His wife, Karen, works for the Ovens and Murray Football-Netball League.

The former sports club building is 7379 square metres with surrounding land zoned general residential, prompting speculation the land could be converted to more housing.

A grassed area on the property's southern side is the subject of covenant which allows Albury Council to use the area for parking on event days at the oval.

Mr Walters said he was happy to accommodate any modifications required by potential tenants and had started discussions with the Lavington Bowling Club about drawing up a new lease deal.

He didn't disclose the final purchase price, but it's understood it was well below the original asking price of $1.5 million.