'Got to pay': Eddie McGuire calls on Anthony Albanese to help Tasmanian Devils amid ongoing stadium saga

Eddie McGuire has called for Prime Minister Anthony Albanese to assist funding the development of a stadium for the newly-formed Tasmanian Devils.

The state government confirmed it would not be seeking private investment to help fund the stadium, instead would use existing funds to construct the building.

The price tag for the stadium was revealed in late May to be $945 millionthe debate around the construction of the facility has yet to come to an end.

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The proposed plans would see the inclusion of a roof over the Macquarie Point stadium and a seating capacity of 23,000.

A vote is set to be held in late July by the state government's upper house to decide if a new stadium will be constructed in Tasmania.

The AFL has made there stance on the ongoing situation clear - if no stadium is built, the Tasmanian Devils will not be added to the competition.

But McGuire believes the AFL could look to a new source for funding support.

"I tell you what I would've been doing from day one, I would be putting the prime minister in a head lock," McGuire said on Wide World of Sports' Eddie and Jimmy podcast.

"They've got to pay. Tassie has got nothing for a long time. Queensland is going to get it all for the Olympics, that's great. But again, Tassie deserves it."

Asked if the AFL has the power to request such funding from the prime minister, McGuire responded: "They should have. Tassie deserves it.

"What they've got to get over then is if they get the dough for it, then don't tell me where to build it, build it in the right spot. Let's find the right spot.

"Let's actually come up with a consensus because I'm just worried that what ends up happening is the first time they turn a sod there is going to be an artefact there and that will be the end of it.

"The people are looking like Tassie should be like it was instead of where it is going.

"Whatever is built in Tasmania has to stand up and be a 2060 stadium, not a 2025 (stadium). It has to go for 30 years.

"If you're building one that could've been built in 1960, you are building one that is out of date before they even bounce the first ball."

Essendon great James Hird recognised that concerns over sponsorship agreements and corporate hospitality have also been floated in debate around the stadium.

However, he noted the success of rival city-based stadiums including Optus Stadium and Adelaide Oval also generate success for businesses surrounding them.

"There is no point setting them up to fail," Hird said.

"There is not point setting up another team that isn't competitive.

"The one thing we do know about stadiums is if you put them too far outside the city centre, people don't go. The great thing about this stadium, Adelaide Oval and Optus Stadium is you can walk from the CBD. The CBD thrives because of it.

"I get a lot of (revenue is generated) through broadcast but if you don't have a good stadium deal, you will fail.

"I agree with what they say in football is not more important then life, and it's not," he continued.

"But football helps a lot of life and a lot of people. It cures a lot of problems."