Brothers Dave and Ron Coventry, who run Romford-based RDC Promotions, are believed to have paid in excess of a six-figure sum for the stadium, where they have staged popular stock car meetings since 1992.

They will take over management of the venue early next week.

Dave Coventry said: "This is a big step for us as it is the first time we have gone across the line and actually purchased a stadium. Life-changing sums of money have swapped hands for it."

The brothers, who also promote stock car racing at Dover and Swindon, decided to purchase the West Row track after being impressed with its spectator facilities and out-of-town location.

Currently, stock car race meetings at Mildenhall regularly attract more than 100 cars and crowds of up to 4,000 people – making it the country's leading venue.

Mr Coventry, 54, added that speedway meetings and greyhound racing would continue to take place at the circuit and his company would be looking to upgrade existing track facilities along with catering and toilet facilities for competitors and spectators.

"A good start has already been made to improvements on the greyhound track and a few more will be made to make it even better," said Mr Coventry.

"I am also very keen to help promoter Simon Barton with the speedway team as this season nothing has gone right for them."

Former owner James Waters, who has been in charge of the track for four years after purchasing it from his father Terry, said he wanted to devote more time to his family and other business interests.

"I shall continue to have a financial interest in the stadium for at least the next 18 months and will continue to be actively involved with promoting greyhound racing but it was time to hand it on to someone who could devote more time to the day-to-day running of it."