Great Leighs racecourse opened in April 2008
Racing is set to return to Great Leighs after a consortium of local businessmen struck a deal to buy it.
The group, led by Terry Chambers and horse owner Bill Gredley, hope to complete the takeover on September 29.
The all-weather course closed in January, going into administration just nine months after it opened.
The consortium, who have agreed to buy it for an undislosed sum, aim to stage races by 2011, subject to being granted a licence.
Carlton Siddle, a partner at administrators Deloitte, said: "We are pleased that we have been able to agree this deal given the difficulties associated with the site."