Moira Shire this week endorsed the findings of a feasibility study into the project which concluded the Yarrawonga Showgrounds was the preferred location ahead of the town's P-12 school site nearby.

The consultants, who prepared the feasibility study, estimated the cost of building a two-court stadium in stage one at $15 million.

But council's steering committee representative, Cr Peter Mansfield, believes more than $5 million can be shaved off the price tag.

"Council believes in re-scoping the project we can get it under $10 million," he said.

"The executive staff have also gone through it and believe it's achievable.

"It is not in the budget for 2019-20 at the moment, but it will be considered for inclusion during budget deliberations.

"The town is crying out for a facility such as this because the Yarrawonga-Mulwala Basketball Association punches above its weight in inter-town competitions.

"They presently have inadequate facilities to train and play at in Yarrawonga."

Cr Mansfield said an approach to Federation Council for financial support would also be made.

Stage two is for a further two courts at an estimated cost of $10 million.

But in the initial stage spectator areas, storage and plant rooms, reception, kiosk, first-aid, changerooms and referee areas are included.

The YMBA has already contributed $10,000 towards the feasibility study.

It presently uses the P-12 school stadium Monday to Thursday and Sunday and the Sacred Heart College multi-purpose building Monday to Thursday.

But both courts are non-compliant with insufficient run-off areas.

Consultants also found both facilities were of an age and condition that were "not technically and financially prudent" to redevelop as a modern indoor facility.