New Oxford speedway promoter Allen Trump has revealed it would cost around £300,000 a year to run a team in the Premier League.

He told a packed meeting of fans at Oxford Stadium: "I know that when Exeter last rode in the Premier League it was about £300,000 working out to about £9,500 per meeting, so we have to be busy during the winter to raise some cash and find sponsorship.

"I am not here to make money, I'll be happy if we break even. We have to find our level in the Premier League, the Elite League is not an option.

"We have to have sound finance and solidity. There are lots of problems still here and it won't be easy to maintain and sustain Oxford speedway."

Trump said: "Who'd have thought that in 1964 when I was a 14-year-old I was standing down the back straight watching Oxford Cheetahs and 40 years later I would be in this position."

Peter Oakes, the Coventry team manager who is also in charge of the England Under 21 side, will handle all matters on the track.

But he revealed there were limits to what he would be doing for Oxford.

He said: "No way would I do the track or be involved in marketing, my job will be to motivate the team and find new riders in one or two spots.

"As things are at the moment I cannot go out and get a new team, I am happy with what we have got and also the signings, Lee Smethills and Danny Bettson."

Trump has also recruited Speedway Control Board track inspector Colin Meredith as track curator.

Trump added: "A speedway track is just as important as a football pitch. Get it right and you will get good entertainment."