OXFORD Cheetahs speedway promoter Steve Purchase has threatened to pull out if backing to the tune of £50,000 is not forthcoming soon.

It's the worst possible Christmas present for the fans as it puts the very future of Oxford speedway on a knife-edge.

Purchase, sales director of the Portsmouth-based company Gresham Computing, took over the reins at Cowley after Dave Pavitt withdrew at the end of the 1997 season.

He lost £50,000 in his first year, but most of that was down to buying the contracts of riders Paul Hurry, Todd Wiltshire, Jan Staechmann, Steve Johnston and Lawrence Hare, plus a big loan fee for Australian grand prix star Jason Crump.

Although the team did well to reach the semi-finals of the Craven Shield last year, their Elite League form was disappointing, and again he had to dig deep into his pocket after being another £50,000 short. At the end of last season and on the eve of their big showdown with Coventry, he dropped a bombshell by telling all the riders they were free to talk to other clubs, indicating that he was going to make big changes for the year 2000.

His main priority was to sign an out-and-out No 1, but it has proved impossible, firstly because there are only a couple of riders available, and secondly, their terms were far and away too expensive to consider.

Purchase has one backer prepared to invest £15,000 into Oxford Speedway next season - but only if that is matched by another sponsor.

He said: "It's pretty clear. Gresham Computing have dropped out after sponsoring for two years. One party has put up £15,00O for the club and possibly something towards the riders, but they are not prepared to stay unless someone else comes in with a similar offer. "You just can't run a team in the Elite League for fun. You must be competitive and give the fans value for money. If that £15,000 is matched, I still need another £20,000 on top of that as well.

"I need to get around £50,000 and I am a long way short. I cannot to continue to bankroll the club indefinitely."

There is one ray of hope in that British Speedway Promoters Association president Terry Russell is actively involved in trying to secure a sponsor for the Elite League.

Purchase added: "That may help us. With the coverage we are getting on Sky TV, we should have a big-name sponsor."

The Oxford boss has not put a deadline on his threat to pull out, but he will be attending a meeting of the Elite League in mid-January when the picture may become clearer.

Story date: Thursday 23 December

Converted for the new archive on 30 June 2000. Some images and formatting may have been lost in the conversion.