Developers are set to move on to the site of the Morris Motors Athletic and Social Club within weeks to build a new clubhouse and 62 new homes.
Director of Chesside Homes Eddie Costello said: "At the moment we are satisfied that the money is in place to build a 28,000sq ft clubhouse.
"We are in the final stages of negotiating with our preferred builder and should close the deal within four weeks. The builder will move on site shortly after that."
Mr Costello said phase one of the project would involve building 30 units - eight houses and 22 flats - at the Barracks Lane end of the site, plus the new clubhouse.
Phase two will involve the demolition of the present clubhouse and building another 32 units, 12 houses and 20 flats at the Crescent Road end.
The open playing field and the bowling green at the club will be left undisturbed.
Club chairman Rod Smitham said: "I am delighted that builders are set to move on site soon. The development should prove the financial salvation of the club."
Mr Costello said the club, which is embroiled in a bitter dispute between members of its former executive committee and members of the current one, was in a financially precarious state, but that nothing could stop development now.
He added that no-one at the club stood to gain financially from the development.
The row at the club centres on whether to build a clubhouse of 28,000sq ft plus four flats for the club's use, which would land the club with debt, or to build one of 17,000sq ft plus the flats, which Chesside would build in exchange for the land it is developing.
Mr Costello said: "If the club were to fail financially, or if the money for the larger clubhouse were not in place, we would still go ahead with the development and with building the 17,000sq ft clubhouse.
"It really makes no difference to me whether I build the 17,000sq ft clubhouse or the 28,000sq ft one, provided I am satisfied that the money is in place."
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