The club had asked for 6 months.
Essential to the scheme going ahead is the securing of a second major retailer for the site. Costco are already on board but a second party, thought to be Tesco's have not yet committed themselves but reports suggest they have signed an initial agreement.
Speaking on the matter Cardiff Council Scrutiny committee chairman Ralph Cook, said: "As a councillor, I have a duty to the taxpayers of Cardiff... to ensure that the council gets the best value. We would have considerable community benefits from this stadium proposal and the associated retailing if it went ahead. But we can't wait forever."
Peter Risdale is confident all will come good
"Within a few weeks we will have exchanged a conditional contract with a major food retailer that will take our dreams and make them reality.This has taken time, but all good things are worth waiting for.
'At long last we are on the verge of a new stadium. Our dream of Premiership football is still very much alive.'