Coventry Bees are three-time Elite League champions
Coventry Bees are set to challenge the British Speedway Promoters' Association's decision to omit them from next year's Elite League.
The reigning champions say they will fight with Peterborough Panthers to retain their top-flight status.
A club statement read: "On the basis of legal advice from specialist counsel we shall be challenging the decisions taken by the BSPA.
"(We) have been working together to find a resolution to the situation."
Finances and rule changes are at the heart of the issue for Panthers while the Bees had previously stated they had received advice from lawyers to not comment on the situation.