NEWPORT Speedway stadium is set to be demolished and replaced with a haulage depot.

Chepstow-based MCL Logistics has submitted contracts to owners Sydney and London and hopes to take ownership of the land on Friday.

Although specifics relating to plans for the site are not yet available, managing director of MCL Logistics, James Howells, said the plan is to base the depot there, as well as building and distributing demountable buildings.

Newport council previously said planning permission was not needed to demolish the stadium. There is no date yet for the demolition.

The stadium closed in February after several failed takeover bids and an arson attack. It has also suffered at the hands of vandals.

Campaigners backed plans by retired speedway rider Phil Morris to resurrect the sport in the city after The Wasps closed following a failed takeover bid in February.

He said the stadium had the potential to attract people from outside the area, helping the economy with people coming in and spending money.

Speedway fan Mark Poulton, who campaigned to keep speedway in Newport, said: "I think it's an absolute travesty it's come to this. I wanted to see it kept as a speedway and there's a lot of people in the same frame of mind."

A Facebook group, Newport Speedway SOS, was set up, attracting more than 1,000 members The track was opened in 1964, originally at Somerton Park.

Lliswerry councillor, Allan Morris, said: "I'm very disappointed for the people trying to keep it alive - it's a sport that put Newport on the map with fans from right across the world and it's a shame to see it go."

Mr Howells added: "We'd all like to see Newport with a speedway, but unfortunately, due to it being burned down and then with vandalism since then, it's not practical to turn it back into a speedway, sadly."