BUSINESSMAN David Sullivan has confirmed he is involved in negotiations about buying the Stow site and re-opening Walthamstow Stadium as a dog track.

The former Birmingham City co-owner and publisher told Sky Sports: “The Walthamstow dog track is an iconic venue, only five miles from where I live.

“I have been approached by a number of greyhound enthusiasts who have got some funds, but not sufficient funds to buy the site.

“Some progress is being made though we are a long way from a deal.”

A company owned by Mr Sullivan has written to site owners London & Quadrant (L&Q) outlining its financial status and ability to purchase the site.

Nick Budimir, a representative of Mr Sullivan, said the company has been in discussions with unspecified operators about plans for the site which could see the track re-opened as part of a development which could also include other leisure facilities, such as artificial football pitches, a bingo hall or community centre.

Any bid is expected to be substantially less than the £18m L & Q paid for the site two years ago, prompting fears that even if its plans for housing are not realised it may hold on to the land until the economy improves.

Rick Holloway, of campaign group Save Our Stow, which wants dog-racing to return to the site, said: “A leisure facility is the option favoured by the vast majority of local residents, councillors and MPs as it also brings much-needed employment to the area.”

L&Q previously said a planning application for a residential development will be submitted by the end of the year, but plans have yet to be put in.

A spokeswoman for L&Q said the housing association has not received a substantive offer for the site which it can consider.

Click here to follow the Waltham Forest Guardian on Twitter