Cornwall Community Stadium Ltd. (CCSL) had requested £10m of funding from Cornwall Council for the £24m development in Langarth, near Truro, but it was rejected.
Now, the Stadium 4 Cornwall Group hopes the legacy of the London Olympics will be a driving force to help get the project completed.
It claims Cornwall has successful sportsmen and sportswomen and that the new stadium would enable the town’s talent to be showcased, while providing a boost to upcoming athletes.
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The group has set up a website in support of the stadium.
Rod Lyons, the group's general secretary, said he believed private funding for the development was "still very much a reality".
He told the BBC: "Prime Minister David Cameron said 'we must not let this go' and London Mayor Boris Johnson spoke about every area of the UK sharing the success.
"Of course we were initially disheartened with the council's decision not to provide funding, but we will explore every possible avenue to ensure we get our stadium."
He said he hoped the momentum of the Olympics would be a "trump card".
If it goes ahead, the venue could become home to local rugby team the Pirates. If they were to be promoted to the premiership, they would need to fulfill their obligation to meet the minimum capacity of 10,000.
Although no details of the new plans have been released, the first phase of the scheme would contain a 4,000-seater grandstand stadium and would become the Pirates’ official ground, the BBC reported.
(IT/GK)
