Berkshire-based plant hire businessman Frost completed his takeover – which included the purchase of all Peterborough assets – from previous owner Colin Horton over the weekend after lengthy negotiations.

Since the deal went through Panthers have slumped to the bottom of the Elite League table, but Frost does not intend sticking around there for long.

In his only public address since taking over, Frost, who is a former World, European and American powerboat champion, has confirmed he has designs on success.

He said: "Let's make Peterborough number one for speedway."

Frost has persuaded co-promoter Mick Bratley to return to the club while Trevor Swales will continue in his role as team manager.

Bratley is convinced the club will prosper under its new owner. He said: "Without doubt this is the start of an exciting era for the club.

"I have spoken at length with Rick during this season. I've listened to his ideas and he has listened to mine – and we have both liked what we have heard.

"The last few weeks have been very painful for all concerned and we now have to start working to restore the reputation of Peterborough Speedway which has been dragged through the mire of late.

"We need to stabilise and survive for the rest of this season and then plan for the future during the winter months."