The decision comes after concerns over the financial management of the Manchester-based club, which has also had its speedway promotion licence revoked by the British Speedway Promoters’ Association (BSPA).

Sir Richard Leese, leader of Manchester City Council, said that since taking control of the stadium, the club had failed to meet important requirements, including paying any rent on the property to the council.

“As a result, Manchester City Council, therefore, are unable to renew Belle Vue Aces licence to occupy the building in their current position. 

“It has also come to light that the group companies have significant debt not only with the council, but also other parties.”

Keith Chapman, chairman of the BSPA, added: “The British Speedway Promoters’ Association [has] agreed to recommend to the Speedway Control Bureau that the present Belle Vue Speedway promotion is annulled due to their financial situation and this will take effect in the next few days.

“The association will oversee Belle Vue Speedway's affairs until a new promotion is established working closely with Manchester City Council and we confirm that Belle Vue Speedway will participate in the Speedway top league in the 2017 season.”

Sir Richard said that the BSPA and the council had been in regular dialogue over the situation and both parties were still committed to speedway in Manchester, but said there must be a long-term sustainable solution for the club to ensure Belle Vue Aces remained the city’s speedway team.

“The City Council will now work closely with the BSPA to put in arrangements that can ensure the success of the National Speedway Stadium and develop speedway in Manchester. 

“The Eastlands Trust will take over operations of the £8m National Speedway Stadium in the short term.”