AN UNEXPECTED change in the ownership of Oxford Stadium has not deterred efforts to buy back the former greyhound track and restore it to its former glory.

The Sandy Lane site is now owned by ‘Cowley Property Investment Ltd’, set up by two former directors of previous owner, GRA Acquisition.

The new company was created on Tuesday, September 6, and the transaction took place the very next day.

Ian Sawyer, chairman of the Save Oxford Stadium campaign, said: “The positive is that it shows they are looking at Oxford Stadium now.

“It’s a big firm and someone has now got an eye on what’s happening around Oxford.”

Oxford Stadium closed down in December 2012. In 2014 developer and ‘silent partner’ Galliard Homes failed to get permission to build houses on the site.

Since then, despite being a heritage asset and asset of community value, it has been allowed to fall into disrepair and has suffered vandalism and rodent infestations.

Efforts by individuals such as Steventon businessman Bob Tyrrell to buy and reopen the stadium have so far been unsuccessful.

Mr Sawyer said: “I think the intention is to sit on the stadium and hope that at some point they get planning permission.

“The hope is that they invest and get it up and running, but bearing in mind Cowley Property Investment is the same people, I would be very surprised.”

Meanwhile Oxford City Council is still pursuing a Compulsory Purchase Order (CPO) to seize back control.

Leader Bob Price said: “It’s not clear at all why they have done it or whether it makes any difference; it’s something to do with their internal financial arrangements.

“We have spoken to a potential operator, because clearly any CPO has to be linked to a plan for operating the stadium, and he is in the middle of due diligence.”

Prior to the buyout GRA Acquisition owed £52m to Ireland’s National Assets Management Agency (NAMA), set up to deal with toxic loans after the 2008 crash.

Andy Cooper, who still runs go-karting business Karting Oxford at the stadium, had the land valued in 2013 and was told it was worth just £750,000 to £1m.

He said the ‘sale’ of the site appeared to have been rushed through, adding: “It’s obvious that something has happened. Until it goes to the land registry we won’t know the value. It might have been a flash sale for £1.

“If the sale took place and the value of Oxford was realistic, there’s an opportunity for the owners to get out of it by selling to someone.”

Directors of Cowley Property Investments and GRA Acquisition did not respond to requests for comment.