Less than two years after roaring to an unforgettable Elite League title triumph, owner Colin Horton admits the club is in a fight to survive.

On the day that Horton dismissed a takeover bid, co-promoter Mick Bratley stepped down and the future of Hans Andersen was left hanging in the balance over unpaid wages.

Horton has admitted Andersen's salary has fallen into arrears and revealed he can no longer afford to keep the Danish ace on his current contract.

He has offered Andersen a reduced deal, but the rider will not even contemplate that until the monies owed have been recovered.

Related: 'We will survive' pledges Panthers supremo Horton

Bratley believes club has gone down the wrong road
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Owner Horton told The Evening Telegraph he has injected more money into the club to make sure all other riders are fully paid up-to-date and has pledged not to let Panthers die.

Horton said: "All our riders are paid up to date except Hans. The money has gone into their bank accounts today.

"We don't have the money to pay Hans at the moment and we simply can't keep him on his current deal.

"His wages are in arrears by two months and, while I can't go into details of figures, I can promise they will be honoured in full as soon as possible.

"I will not let the club go to the wall and that's why this decision to offer him a reduced deal has been made. I am not just confident the club will survive – it will, simple as that.

"The club has already lost around £60,000 this season and that is despite me injecting money. There were discussions held about a possible takeover of the club but that has now fallen through.

"Speedway is just like any other business in that things are always for sale at the right price, but the party interested in Peterborough Speedway did not come up with that right price.

"We were very close but the terms could not be reached and the negotiations have now ceased."

Bratley, who also acts as Andersen's manager, has immediately turned his attention to making sure the rider's unpaid wages are recovered.

Speaking on Andersen's behalf, Bratley said: "I have submitted a list of the monies owed to Hans to both Colinand the British Speedway Promoters' Association.

"The Speedway Riders' Association are also aware of Hans' current predicament and we want cast-iron plans put in place to get the money that is owed.

"Hans will not even consider, let alone ride on, a revised contract until that has been achieved."