One of speedway's biggest backers is set to invest some much-needed cash into Oxford Cheetahs.

Colin Horton, who has turned Peterborough Panthers into Elite League championship contenders is ready to team up with promoter Aaron Lanney to boost Cheetahs' fortunes after a disappointing campaign.

Horton, owner of ASL Freight Company, may buy out Lanney, who should remain at least co-promoter.

ASL Freight have sponsored both the Grand Prix and World Team Cup this year.

The injection of cash should lift Cheetahs out of the doldrums and help them reach the play-offs next year.

It is planned that Horton will be introduced to the supporters at the fans forum at the Stadium tonight (7.30pm).

Lanney said: "If things go to plan, there will be a financial injection to stabilise the club.

"I am not in a position to finance the club on my own. However, my position at Oxford will not change.

"It's no secret that I have lost money, and I could have walked away from it all.

"However, if the deal goes through it would be great news for Oxford speedway.

"I think I am just being sensible. I can't fight it on my own."

Meanwhile, other issues to be discussed at tonight's fans' forum are the race night, the Stadium and team.

Lanney has appealed to fans to support the function, which will include an appraisal of events during 2006 and a discussion on how the club can move forward, with the expected new money.

He is keen to address a difficult situation that saw his team finish second from bottom of the Sky Sports Elite League.

It's the second year running that Cheetahs have been in the doldrums.

In 2005, their saving grace was victory in the Craven Shield, which they were not allowed to enter this year, because of their poor league position.

There will be an entrance fee of £1 for adults at the meeting, with those under 16 admitted free.