[A new stadium] sounds great but only if it's paid for without impacting on the team which I guess would mean Abu Dhabi paying for it. Not sure they plan to.
It's a question of whether our owners thought spending money on a new stadium would provide a return on the investment required to make it happen (as, say, Everton's owners do). If they did, I think the financing could and would be arranged in such a way that it doesn't become a millstone for the club.
Reliable sources in and around the club did say back in 2009 that ADUG's original inclination was to build a new stadium after the takeover and they looked at various sites in the vicinity of the current stadium. The eventual tentative plan was for a venue with a capacity in the range of 75K to 80K to be built on the north carpark.
As noted above, it fell through because Sport England wouldn't sanction the demolition of a stadium that had been so recently built. When we moved to CoMS (as it then was), David Bernstein said that the lease does contain an option for City to buy the stadium. In the meantime, the Council receives the rent we pay and uses that money to pay for the upkeep of the other facilities at Sportcity, such as the tennis centre, the Regional Athletics Arena, and so on.
If we bought the stadium with a view to building a new one, the money would go to Sport England. Had that happened already, the Council might well at some point have had to close the other adjacent venues, as happened a while back in Sheffield with their stadium and aquatics centre from the 1991 World Student Games. There'd also have been some more general reputational damage, which I'm sure they were wary of back in Abu Dhabi, given the stick we'd have probably got for knocking down such a new area built with public money.
The passage of time does IMO potentially mitigate these issues to a significant degree. First, the takeover happened only six years after the stadium opened for the Commonwealth Games, whereas by the end of next season it will be 20 years since that first event. That's a substantial difference in terms of the benefit the public have had from Sport England's initial investment in the stadium, so that body's view of things might be different now. So might the wider public's, while the media hostility we've attracted right until the present might also mean the club is less bothered about the PR aspect anyway.
Moreover, City and the Council now have a joint venture company that owns and will develop land around the stadium, which wasn't the case back in 2008. If a deal is done so that the ownership of the land where the stadium currently is passes to the JV development company with a view to being redeveloped for commercial purposes, it could be possible to structure a deal whereby the Council doesn't lose out financially.
I suppose there's also a possibility that we could even build a new stadium and sublet the existing one. The only viable tenant I could see is Sale Sharks, supplemented by whatever representative rugby and football matches it can still attract plus concerts. I don't see this as likely as it's too big for Sale and you wouldn't want a competitor next door to the new venue bidding for similar other events. I also think there would be a better return from building new commercial facilities where the stadium currently is. Still, I suppose you never know.
Frankly, I doubt that a new stadium will happen and am in the 'believe it when I see it' camp whenever these rumblings start. But even though I do love the Etihad, I've always wished we could play in a new facility built by ADUG, because I reckon they'd make it special. While bored during my working day, I'll try to devise reasons to just about keep the small sliver of hope alive in my own mind.