Exeter Falcons plans for a new speedway track at Haldon Racecourse on the edge of the city have been scrapped.
Planning permission for the track was granted last year, but negotiations with the Jockey Club over the lease have now broken down.
Falcons consultant Allen Trump said there were several clauses in the lease which were unacceptable to the Falcons.
Trump said: "We must now reluctantly look elsewhere for a suitable site on which to build a track."
"Negotiations have continued throughout the winter but there has been no movement from the position we were in last October," he added.
Trump was keen to point out that relations between the Falcons and the Jockey Club remain amicable.
He said: "It's nobody's fault. They have our position and we have ours."
The Falcons were evicted from the County Ground in October 2005 and have been out of action ever since.
Trump said: "Our aim now is to find a suitable piece of ground of around five acres on which we can develop a track. Ideally it would be within five or six miles of the city."
The Falcons' finest hour came in 2000 when they won the Premier League.