New South Wales-based company Regional Infrastructure was named as the council's preferred tenderer for a new livestock exchange in October last year.

But more than 12 months on, a new home for Ballarat's saleyards is yet to be named, and the company has not taken over management of the Latrobe St facility from the council.

North ward Cr John Philips said if a new site for the yards was not found soon, another town could poach the facility.

He said he had understood the company was to take over management of the saleyards last March, and would apply to the council for a planning permit on a new site shortly afterwards.

"Every time I just hear they're still sorting out the contractual paperwork. Well, 12 months is a fair time to sort all that out."

Ballarat City Council growth and economy director Jeff Pulford told an ordinary council meeting last week the council was frustrated at the lack of progress on the new site.

Yesterday, Mr Pulford said company representatives would meet with councillors and council staff next week to discuss their proposal.

Regional Infrastructure CEO Andrew McCarron said contracts to manage the existing saleyards and to operate the new facilities were interlinked.

He said any announcement on both contracts would be made at the same time.

"There's more to pulling all this together than meets the eye," he said.