Coventry Bees are to remain at Brandon Stadium for at least another year after a new lease offer was made by landowners.
The offer came as a result of last-ditch talks co-ordinated by Rugby Borough Council and will give the speedway team time to look for another site.
The Coventry Bees had been facing their last season at the stadium after the land was sold for development.
The new lease will run for one year from January 1 2017, with the possibility of a further two years subject to conditions.
The lease would allow Coventry Bees, junior race meetings and stock car or banger racing meetings, while additional events will be subject to individual agreement.
Cllr Michael Stokes, Leader of Rugby Borough Council, said: “It is clear that the situation the Bees and the other stadium users find themselves in is not ideal, but the lease that has been offered to them is a good compromise that will allow speedway and stock car racing to continue at Brandon for at least another year.
“I would like to thank FHP for their efforts in brokering this agreement, and for the time and trouble that they have gone to in putting this offer together.
“Additionally I would like to thank Mick Horton of the Coventry Bees for the part he has played in allowing this offer to be made.
“After meeting fans groups earlier this year and hearing their concerns first hand, I am delighted to have been able to bring all of the interested parties together to allow an offer to be made.”
David Hargreaves, of FHP Property Consultants, acting on behalf of the stadium owners, said: “The pragmatic approach taken by Cllr Stokes has convinced the owners that a further period of time should be provided for the speedway team to find an alternative venue.
“There is no doubt that this deal would not have been possible without the involvement of the borough council.”
Mick Horton, of Coventry Speedway, added: “While the long-term future of the Coventry Bees is still a concern, there can be no doubt that this offer has given the speedway team some security in the short-term.
“Our next home fixtures against Leicester, Swindon, Lakeside and Kings Lynn had looked like being our last. Now, however, our fans can support the team knowing that there is an offer on the table that will allow another full season at Brandon Stadium.”