Aaron Lanney, who is set to become the new owner of Oxford Speedway, is intent on bringing success to Sandy Lane.

Lanney, a successful businessman from Poole in Dorset, has been a long-time speedway supporter, but this is his first venture into promoting the sport.

"I want to put the fun back into speedway and restore Oxford back to the glory days of the 1980s," said Lanney, who was also quick to confirm that he will return to the traditional team name and colours.

"Oxford will once again be known as the Cheetahs and I will be going back to the original club colours of navy blue and yellow," he added.

Oxford Speedway owner Steve Purchase has agreed to sell the club to Lanney, meaning that the Cheetahs will retain their place in the Elite League for 2006.

The formal paperwork has yet to be signed and the deal is subject to ratification by the British Speedway Promoters Association ahead of their conference later this month.

Purchase is pleased that a deal had been concluded.

He said: "As soon as it became clear, following consultation, that this was the right direction to take, I have worked hard to ensure that a deal could be done

quickly, so that Aaron is able to get himself ready for next season."

Purchase, who bought the club from Dave Pavitt in 1997, has also confirmed that this is not another lease agreement.

"This deal is for the complete rights to Speedway at Oxford and I wish Aaron the very best throughout his time at the club," he said.

Purchase, and his wife Vanessa, first took Oxford into the Elite League in 1998 and the pinnacle of

their success was winning the title on 2001.

For the last three years the club has been run by Nigel Wagstaff on a lease basis.

However, following his recent announcement that he would not be continuing at Oxford, Purchase had to make a decision on the future - and this deal will signal the end of his direct involvement at Oxford.

He said: "I thoroughly enjoyed my time at Oxford and I would like to thank everyone who supported me and wish all connected with the club the very best for the future.

"I have been very proud to be the custodian of the Cheetahs, my time at Oxford will always remain as something special to me."

"I hope to continue my involvement with them in some way."

Lanney paid tribute to his predecessors. "Waggy (Nigel Wagstaff) has done a great job over the last three years and I hope to build on his success" he said.

"My dealings with Steve have been very straightforward and I thank him for his support in reaching a very quick deal."