Dozens of people turned out to an exhibition to have their say on plans to build houses on the Brandon Stadium site.
Rugby MP Mark Pawsey attended the event on Saturday to hear concerns about the proposals, which would see the village double in size.
The proposals were on show at Binley Woods village hall in Rugby Road.
Planning consultants Framptons want to build a housing development on the site.
The development would involve 124 dwellings, mostly family homes ranging from two to five bedrooms, with some flats.
Their report said affordable housing will be incorporated into the site, the percentage of affordable housing to be agreed with Rugby Borough Council.
The stadium has been home to speedway since 1928, as well as greyhound and stock car racing.
Mr Pawsey said: “I was very interested to look at the proposals brought forward by the agents for the landowners and to meet the many, many local residents.
“If this development were to go ahead it would double the size of the village of Brandon and I share the concerns of my constituents regarding the effect it would have on the area. I do not support the proposals being put forward by the landowners.”
A ‘Save Our Speedway’ campaign has been launched on Facebook and Twitter, attracting more than 1,700 members.
Pete Lawrence, who is leading the campaign: “There was a good turnout with 200 or 300 there throughout the day.”
Framptons had not responded as the Advertiser went to press.