The future use of the Isle of Man's Nivison Stadium in Onchan Park will move a step nearer to being known after a meeting on Monday evening.
Onchan Commissioners are to review the tenders submitted by companies wishing to develop the site.
The current licence holders want to keep running stock cars and go-karting, while the Manx Cycling Association wants to develop a velodrome.
The board will meet again in the New Year to decide who will get the lease.
The venue was formerly known as the Onchan Stadium but was renamed as a tribute to Onchan Village Commissioner Jack Nivison CBE for his work within the Onchan community.
The area was originally farmland which the Onchan Village Commissioners bought after World War II in order to build new homes and a recreation area.