The two parties only need to finalise an agreement before the West Country businessman takes over the running of the Premier League club.

Mr Barton said: "As it stands, we are in the final stage of negotiations with Mr Trump. The matter is in his lawyers' hands now."

Mr Trump added: "We've still got a bit of legal work to finalise but in principle the spirit of the deal is done and I now see myself as part of Mildenhall Speedway.

"My main aim is to ensure that speedway continues at Mildenhall. I have come in to ensure that Simon gets all the help he needs financially."

Over the past few weeks, speculation has been mounting at West Row linking several names with a take-over bid for the club, which currently sits at the bottom of speedway's Premier League.

"It's amazing what people read in to situations but there has only ever been one person we have talked to about selling the Fen Tigers and that is Mr Trump," said Mr Barton.

The investment in the Suffolk club ensures it will be able to continue racing in the Premier League for the rest of the season before the successful property developer sits down to have a look at plans for next year.

"Allen's intention is to run the club in the highest league possible that it can financially sustain," said Mr Barton.

"At the minute, should the leagues stay as they are, that would mean a return to Conference League racing unless staging a Premier League meeting becomes cheaper."

Both Mr Barton and team boss Laurence Rogers will find out if they will remain in their current positions at the end of the season.

"If Allen wants me to remain I will but if he has other plans I am happy going back to being just a fan. Either way, I've enjoyed my time as promoter," added Mr Barton.

Fans will have their first chance to meet their new owner when they clash with Rye House on Sunday, August 17.

The Tigers takeover comes just weeks after Mildenhall Stadium was sold for a seven-figure sum by former owner James Waters to stock car promoters RDC Promotions.