SPEEDWAY followers are facing a bleak future after the sport’s long-awaited return to Reading skidded to a halt.

Gaming International’s £6m project for a ‘Racino’ – racing track and casino – off Island Road in south Reading, faltered when the group’s casino partner backed out last year.

Reading Borough Council attempted a rescue in April by authorising officers to talk to Gaming International about using land west of the site – but hopes were dashed at Monday night’s policy committee meeting.

Council leader Jo Lovelock would not reveal how much the borough was being asked to chip in but confirmed it was a “seven-figure sum”. She said: “Unfortunately we cannot use council money to subsidise speedway when we need to build things like schools and classrooms.”

Speedway and greyhound racing finished in 2008 when Smallmead Stadium closed, and Cllr Lovelock added: “We are not saying we are not interested in talking to people again because there are a lot of people in Reading still keen for a speedway stadium, but at the moment it is not possible to subsidise the sport.”

Tim Sugar, 63, from Woodcote, who managed Reading Racers for more than 20 years, said: “It’s obviously sad news but not totally unexpected. From a personal point of view I would have hoped one of the major bookmakers would have decided to invest in the team.”

“Speedway is going through a difficult time and for Reading, it’s the end of an era. ”

Clarke Osborne, Gaming International chief executive, said: “We are obviously terribly disappointed but we hope this will invigorate the local authority into assisting us in finding a suitable location at the earliest possible time. We have invested £1m in this project and this latest news is very disconcerting because every step of the way we have done what needed to be done .

“I am so desperately sorry for all of the speedway supporters.”