Christchurch businessmen sick of waiting for a multi-purpose arena are looking at building their own.

Christchurch is still without a multi-use stadium, and the Government's decision to pour millions into Auckland for the America's Cup has hit a nerve with the city's business community. 

READ MORE: Brian Ashby: Seven years on, where is Christchurch's new stadium?

Hospitality owner Max Bremner says you just have to look at the $40 million being pumped into Dunedin's economy by the Ed Sheeran concerts to see Christchurch is missing out.

Bremmer says it is tough to watch.

"We've got one chance. We can make Christchurch a destination for 50 years but we've got to act now.

"If we do it half-cocked because we don't have the money now, we'll regret it in 20 years' time."

The Government investment in Auckland is another case in point.

"It all comes down to financial restraints, but suddenly the central government can give Wynard Quarter $50 million to build an America's Cup base which might be gone in four years' time.

"Yet we can't get a multi-use stadium."

Bremner says it's only an idea at this stage but he hopes it will get some traction with Canterbury developers.