Oxford Cheetahs' future looks increasingly bleak after talks to keep league speedway at Sandy Lane broke down.

No offers have come in for the club. However, owner Steve Purchase confirmed that there have been extensive talks regarding the transfer of the Oxford licence to Northampton businessman Nigel Wagstaff to replace his expired operation at King's Lynn.

Purchase said: "When the idea was floated by me I thought it had some merit and I put together what I felt was a very fair offer for Nigel to operate Elite League speedway at Oxford in 2003.

"However, the requirement quickly moved to a three-year option to cover the remaining television obligations which, although was not particularly good for me personally, I was able to live with."

Purchase was also able to confirm the rumours linking him with King's Lynn and Premier League action.

He added: "I spoke to Buster Chapman to understand the issues at King's Lynn from his perspective and he confirmed that he will actively support speedway, particularly Premier League speedway, at Saddlebow Road.

"Recognising the fact that the Kings Lynn and Oxford situations were inextricably linked, I revised my proposal with Oxford operating on the Elite League, while King's Lynn moved into the Premier League. It just seemed like a great opportunity to create a win-win scenario."

But talks stalled when Purchase received a revised proposal which he deemed unacceptable, and the 21-day window has now expired.