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From BBC Football:
Paul Scally said the plan would see just under 74% of the football club's £13.3m debt transferred to Priestfield Developments Ltd.
It would create a more "manageable overdraft" which could in turn benefit performances on the pitch, he said.
Shareholders will consider the proposal at an Extraordinary General Meeting.
Mr Scally outlined his plans in a letter posted on Gillingham FC's website on Thursday.
He said the stadium sale was aimed at ensuring "the interests of the club are always maintained, as has been my sole objective over the past 13 years as your chairman".
Priestfield Developments Ltd would buy the ground from Gillingham Football Club plc for about £9.8m.
Rent-free period
That would reduce the club's running debt to no more than £3.5m, with interest payments also falling from £800,000 a year to £200,000.
The lease of the stadium back to the Gills would initially be for 10 years.
Mr Scally said: "There'll be a rent-free period of three years... although maintenance and running costs of the stadium will still be met by the club.
"After that time the club will pay a rent based on which division it's in at that time."
Mr Scally said his position in charge of both Gillingham FC and Priestfield Developments Ltd would ensure the ground was not sold until the time was right.
It is ultimately hoped that by reducing the Gills' debts, progress can be made towards planning and building a new stadium.
Hessenthaler: We've got major financial problems
Reported on Gills Connect (link below)
Manager Andy Hessenthaler has revealed that the club have major financial problems and may have to sell their best players to avoid administration. He told the Medway Messenger: 'If we have to lose players to keep us afloat then we'll have to do that. Next month we could struggle to pay the wages'.
Back in 1995 supporters went out onto the streets of Kent with buckets etc collecting any spare change to save the club lets hope things are not as serious this time around.
Talking after the Wigan game player-manager Andy Hessenthaler told the Medway Messenger: 'We've got major financial problems at this club and it's not easy. The chairman says he can pay the wages this month but next month he could be struggling. Things are tough.'
'It could come to administration. There are a lot of clubs in administration because the financial climate in the game is not good, especially in the lower leagues and Division 1.'
Responding to his player-managers comments chairman Paul Scally assured supporters the club will go into administration over his dead body.
Talking to BBC Radio Kent he said the Bank of Scotland will not lend the club any more money as we've reached our borrowing limit, but one option might be to sell Priestfield and lease it back - an option he does not really want to consider.
