An action group has been formed to make sure the North Street cattle market in Thame is developed for community use when the farmers move out.
The site is owned by South Oxfordshire District Council and the action group wants to make sure it is not redeveloped as a supermarket. Group coordinator Sarah Hayes said: "Every little village has its village hall but Thame has no community centre.
"The 1,400-home Lea Park Estate has no meeting place at all.
"We see the cattle market as the golden opportunity to rectify all this, with buildings for community use like a library, theatre and music centre and cinema."
She said the launch of the action group was supported by many groups in the town.
Peter Bailey for Thame Farmers' Auction Mart, which leases the cattle market, said: "The farmers want to move to a site on Thame Show ground on the edge of the town, as the North Street cattle market has become too small for our needs."
No planning application has been submitted.
The cattle market used to be on the edge of the town but developments like the Lea Park housing estate now surround it.
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