Oxford Silver Machine speedway promoter Nigel Wagstaff is in talks with owner Steve Purchase with a view to buying the club.
Wagstaff wanted to buy Oxford Speedway when he succeeded Purchase as promoter three years ago.
But Purchase would not sell, and refused Wagstaff permission to use the name Cheetahs.
Wagstaff's original three-year tenure as promoter ends this year, and he is seeking a better deal with Purchase, who now has business interest in the United Sates.
Wagstaff said: "One thing is for sure, there is no way I will entertain the idea of continuing at Oxford unless the new agreement is right for Nigel Wagstaff.
"I also need to talk to prospective sponsors to see if we can gain some extra commercial backing. There is no point in even considering continuing next season if that's not forthcoming."
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