The massive ground-breaking proposals, which could see the football club link up with Liverpool John Moores University to make Burnley a world centre of excellence for the study of football finance, sponsorship, stadium design and catering, were revealed to the Prince of Wales in a private meeting with club officials during his visit on Friday.

Under the scheme, dubbed the Premier Plan, the new university, the second planned for Burnley following the opening of UCLan last year, would be based on the site of Burnley Cricket Club.

The cricket club would move to a new state-of-the-art facility in Towneley Park which would be built in the footprint of the current Unity College building, formerly Towneley High School.

The existing school is to be demolished when Unity's new building is completed later this year as part of the £250m. Building Schools For The Future programme.

Student accommodation as well as restaurants and an entertainment complex would be based at the Weavers' Triangle, while the Straight Mile, along the Leeds and Liverpool Canal, and part of Yorkshire Street, would be regenerated and made into a pedestrian walkway to improve the route for students walking to and from the university.

Under the plans, the Todmorden Curve, which will provide a direct rail link to Manchester, would be reinstated at a cost of £5m. with the hope of placing Burnley closer to the city's commuter belt.

Turf Moor's David Fishwick Cricket Field Stand would also be redeveloped into a StadiArena "entertainment hub" with capacity for 1,500 to be used as an indoor venue for rock concerts, exhibitions and large private functions.

Football club chief executive Mr Paul Fletcher MBE, who is spearheading the project, said the redevelopment, expected to take between two and three years, would be "a blueprint for a new Burnley".

"If you dare to dream, dream big and this is not just about Burnley Football Club, this is about the whole town of Burnley and potentially leaving a massive legacy brought on by promotion to the Premier League.

"The name of Burnley is now right around the world because of our standing in the biggest league in world football. Our games are beamed around the world and they all now know where we are. The trick now is getting people here.

"The university would do that and allow students from across the world to learn about every facet of the business side of the biggest sports industry in the world.

"Students would naturally need accommodation and that could bring in the Weavers' Triangle. That would breathe new life into the area and, with a new dedicated rail link, we could once again form a connection with nearby Manchester, opening up commuting opportunities for all townsfolk.

"Burnley Cricket Club is another important partner and the plans, which we have discussed with them, offer the chance to become self-sufficient at a brand new, state-of-the art facility."

Mr Fletcher said the scheme would be a "collaboration between many partners", including Burnley Football Club, Burnley Borough Council, the Prince's Charities and Burnley Cricket Club, and financed through debt funding, private equity and grant funding.

"This really is a win-win situation for everyone and we are very excited at what the future might hold," added Mr Fletcher.

"The Prince hasn't seen these plans yet. But we know he wants closure on the Weavers' Triangle and both the football club, the cricket club and the local authority, who have worked in tandem on these plans, think this is a good solution.

"We can't just run off doing our own little thing. But if we can pull together as a town we believe this could be a blueprint for a new Burnley.

"Some of these ideas have been talked about for 20 years. It's now time for action."

Plans for the multi-million-pound redevelopment of Turf Moor were first mooted several years ago but were put on hold following concerns they would not be profitable enough for the club.