Oxford speedway fans are in shock after owner Colin Horton closed down the club with immediate effect.

The riders are all devastated after being informed through the club's administration secretary, who works for Horton.

The news comes with crowds at Sandy Lane dwindling, and the team lying in the bottom three of the Sky Sports Elite League.

Horton was not answering any calls yesterday, but co-promoter Aaron Lanney, who sold the club to Horton, could not hide his anger.

"I have bust a gut for this club this year doing every job imaginable," he said.

"I have lost my partner and family, all for what?

"I have put my life into trying to make this club a success."

Skipper Steve Johnston summed up the mood by saying: "I'm gutted and totally in shock at the moment.

"I didn't see it coming, although I know things have been tough and the crowds have been poor, but to close just like that completely shocked me.

"It means I will have to try and find another club and that won't be easy.

"I signed for Oxford ten years ago and I am due a testimonial next season. I would have loved that meeting to have been held here."

There are unconfirmed rumours that some of the riders have not been paid.

Lanney, who moved from his south coast base and bought a house in Oxford, put his business on hold while with Cheetahs.

He is now trying desperately to put a rescue package in motion.

He added: "I am talking to one or two parties to see what we can come up with, but it's a desperate situation.

"I am doing everything in my power to try and resurrect the club at what is a very bad time for the fans.

"We struggled last season and I lost a lot of money.

"My business went by the wayside and I gave all my time to Oxford speedway to the detriment of other things. I believed in the club and, to a degree, I still do.

"The main problem is that if speedway is not run at a venue for a certain amount of time, you have to re-apply for a licence and with the stadium slap in the middle of a residential area, it may be difficult to get it back."

One chink of light at the end of the tunnel is that the British Speedway Promoters Association, who regard the track and facilities at Oxford as one of the best in the Elite League, could come to Cheetahs rescue.

Andy Cooper, former mechanic to rider Ales Dryml said: "The writing has been on the wall for a while now.

"It has not been run properly since the Peterborough connection."

Horton, also owner of reigning Elite League champions Peterborough, and a very successful businessman through his ASL Freight company, promised a complete turnaround for Oxford at the start of the season, but it has just been a disaster on all fronts.

Fans were sceptical over the quality of the team assembled to bring the good times back, and so it proved with the worst start to a season for many years.

In response to what he would do with an under-achieving team, he said in March: "I will do what's right for Oxford."

Oxford speedway has staged league racing for 58 years - but it looks as though one of the county's most popular sports clubs has ended in minutes.