Northampton businessman Nigel Wagstaff, currently promoter at King's Lynn, could take over speedway at Oxford if current promoter Steve Purchase calls it a day.

Purchase is prepared to put the club on the market if Oxford Cheetahs do not get the go-ahead for Premier League racing next year.

Their application was refused at the British Speedway Promoters Association annual meeting at the weekend, and at the moment, it looks as though there will be no speedway at Sandy Lane in 2003.

Cheetahs quit the Elite League last season because they were unhappy about the organisation and the increased demands of Grand Prix events.

Wagstaff, who used to sponsor Simon Wigg and Troy Butler at Oxford in the 80s, is in the process of negotiating a new lease for King's Lynn with the Norfolk Arena owner Buster Chapman, a former co-promoter at Cowley.

Wagstaff would not be drawn on his Oxford interest. He said: "I don't know what is going to happen at the moment. Steve Purchase is talking to several people.

"I am trying to resolve the situation here at King's Lynn, which is my priority. If things don't happen as we want them to, then that's another issue."

In the meantime, Oxford have been granted an open licence to preserve the sport at Cowley.