Coventry Bees were Elite League champions in 2010
Peterborough businessman Mick Horton has agreed to take over from Avtar Sandhu as owner of Coventry Bees.
Horton will take on the role subject to his licence being ratified by the British Speedway Promoters' Association and full details will be announced when Sandhu returns from abroad.
The 56-year-old has previously owned the Peterborough Panthers and has also been involved with Mildenhall.
Horton said: "Who wouldn't want Coventry speedway?"
He added: "I took a break from speedway for a couple of years but I never lost touch with it and was very eager to get back. I had a couple of offers and was waiting for the right opportunity. This was the right opportunity.
"Everybody knows Coventry is the big fish in British speedway. It's got a great fan base, great sponsors and it's a professionally run show."
Joint managers Alun Rossiter and Colin Pratt will continue to run the team.
"My role will be to market the club and take it forward," Horton explained, "On track Colin and Rosco will supply a list of riders to me. I will take their judgement and subject to budgets the riders will come on board.
"We have got such a great asset base here at Coventry. We're going to have a great side and the fans are going to love the team we put together.
"I make no bones about this, Coventry expects. We're going to win something next year."