Attendances were too poor for the club to break even

Cowley-based Oxford Speedway has been pulled from the Elite and Conference leagues with "immediate effect" by its owner Colin Horton.

Mr Horton said he had lost thousands of pounds since buying the club last year and could no longer bankroll it.

The riders of both the Cheetahs and Lions teams are said to have already been looking for new clubs.

If I could see even the smallest glimmer of light at the end of the tunnel I would have carried on Colin Horton

Mr Horton said it was with "dismay" that he made the decision.

But he added that he did not have an endless supply of money to sink into the club, which has been racing since 1939.

"I have thought long and hard about this and it really is the toughest thing I have ever had to do," he said.

"If I could see even the smallest glimmer of light at the end of the tunnel I would have carried on, but I can't.

"The club is losing several thousand pounds each and every week and that cannot continue."

The club has been attracting crowds of about 400 to 500 for its home meetings - a figure that would need to double for it to break even.