Sanders, the MP for Torbay, has claimed that the new stadium would become a "white elephant".

Sanders, a Liberal Democrat member of the Commons Select Committee for Culture, Media and Sport, said the money would be better spent on sustainable job creation schemes elsewhere in Devon and Cornwall.

Under the scheme announced last week, a consortium led by Championship club Plymouth Argyle want to construct the new stadium so that they can stage matches if England's bid to host the 2018 World Cup is successful.

They are the most South Westerly of 16 candidates across England who are hoping to be chosen by the Football Association when they select a list of up to 12 cities in December to include the bid to present to the world governing body FIFA.

But Sanders, a former spokesman on tourism for the Liberal Democrats, claims that the project is a waste of money.

He said: "The theory is that such a proposal will create huge economic impetus for both Devon and Cornwall and put Plymouth on the map.

"A 40,000 seat stadium costing £50 million to £100 million for just three or four games for one month in 2018 is ridiculous.

"The tragedy is how big one-off projects like these seduce normally sensible and careful decision makers into pledging other people's money towards them.

"I support all sensible moves in our region to create employment and increase prosperity."