SPEEDWAY and greyhound racing could return to a famous city venue, according to a report which has been released this afternoon.

Consultants have found there is a ‘commercially viable solution’ that would pave the way for a reopening of Oxford Stadium, which closed in 2012.

The city council has been told that it could create 62 full-time jobs and generate £3.1m for Oxford’s economy.

The consultants’ report looks at the commercial opportunities of the site, challenges associated with bring greyhound racing and speedway back there and expanding what it could provide in the way of other leisure activities.

The city council has already agreed to press on with the second part of the consultants’ study, which will look at what commercial opportunities could prosper at the stadium.

That will involve community groups, such as the Save our Stadium group, which has fought a long campaign to bring professional sport back there.

Cllr Linda Smith, the deputy leader of the council’s Labour group, said: “This is an important milestone in the future development of Oxford Stadium.

“This report, commissioned from independent experts, shows how with the right investment, and support from the governing bodies of greyhound racing and speedway, and local people, this historic and much-loved venue could re-open for business as a major sports and hospitality centre, whilst also maintaining its current community uses.” 

She added: “I accept a lot more work needs to be done to firm up the future of the stadium. But I know bringing it back to life would be welcomed by the people of Oxford.

"Many Oxford families, especially in the Leys area of the city which I represent, have supported it for decades.  The return of motor sport in a city renowned for its motor manufacturing would be both apt and symbolic.”