Glentoran owner Ali Pour says the redevelopment of the Oval stadium remains "at the mercy" of Stormont funding.
Like many grounds in the Irish League, the East Belfast venue is in desperate need of financial aid to improve its facilities.
British-Iranian businessman Pour has invested over £1m in Glentoran since arriving at the club with Mick McDermott back in 2019.
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But he says there is "a limit" on how much any private investor can spend on ground improvements.
Glentoran are hoping to benefit from Stormont’s funding package to upgrade regional football stadia in Northern Ireland. However, the ongoing absence of a functioning government has further delayed the release of the cash which was initially allocated back in 2015.
Pour made a flying visit to the Oval on Tuesday where he spoke to gathered media inside the Oval boardroom.
When asked if there had been any progress on the redevelopment of the rundown venue, he said: "No. It is not in my hands.
"We had looked at maybe building a bigger stadium for the Euros, but that never happened. We need the government for that, as it makes no sense for a private investor to spend that much money on a project like that.
"You would never get your money back. So it is at the mercy of the government.
"We need it, the whole league needs it. I went to Cliftonville recently, and they are a big, historic club, but their place is falling apart.
"So hopefully we see something from the government soon."
Pour insists his own commitment to Glentoran remains firm, despite his good friend and former manager McDermott stepping down back in January.
McDermott has since taken up an opportunity in Qatar, but remains on the club's board.
Pour remains steadfast in his support of the club, even showing his pride in the colours by wearing one of the club's jerseys during Tuesday's media event.
"You want to see success, trophies and all the rest. But there is only so much within my power I can do," Pour said.
"When you look at the old Glentoran or 20 or 30 years ago, compared to today, we are far behind. I would love to see those old days come back, packing out the Oval.
"And not just Glentoran. But the league itself has to improve, and it has improved.
"When you look at where the league is today compared to 10 years ago, it is stronger and better. And if we continue on this trajectory in Northern Ireland as a whole, then it should be exciting.
"But we have to win something. We were unlucky last season, we should have won something.
"Qualifying for Europe is obviously a big boost, but trophies are what the fans want."
Pour praised the success of Larne since their owner Kenny Bruce came to the helm. The Inver Park club reached the summit last season by lifting the Premiership title for the first time in their history.
"They have been on a five or six-year journey and you have to be impressed. I speak to Kenny Bruce now and again," Pour added.
"The main thing about Larne is that it shows that it works. The main business model of us and them, private money coming in, you need results from that.
"The fact Larne finally won the league, and hopefully they can go far in Europe, shows the plan works. Hopefully it won't take us six years to win something, but if it does, it does.
"But fair play to Kenny and Larne. To see where they were six years ago, to where they are now...
"Look at how their fan base has grown, and their facilities have improved. How they have helped their local community, it is something to be applauded."
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