The former fast bowler said: “If we can’t secure a long-term lease, we can’t apply for funding from the England and Wales Cricket Board.
“If we do own the ground, the world would be our oyster.”
He added it was “massively important to see the club continue”.
Malcolm played at county level for Northamptonshire, Derbyshire and Leicestershire and took 128 Test wickets for England during the 1990s.
Brixworth Cricket Club said it currently paid £1 a year in rent, but the grounds were worth about £500,000 and it could not afford to purchase the land.
If the development, which also includes a takeaway, goes ahead, the club said a covenant would be put on the sports pitches to prevent them being developed.
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