Belle Vue Aces will race in the upcoming British Speedway Premiership after a takeover of the franchise was completed by two local businessmen.
Tony Rice and Robin Southwell are the new promoters of the team, who reached the Grand Final in 2015 and 2016.
Manchester City Council said the previous owners had paid no rent since the Aces moved into the £8m National speedway Stadium in March 2016.
Australian Mark Lemon will remain in charge as director of speedway.
"I am both relieved and excited to see Belle Vue Speedway's future secured," said the 44-year-old.
"As we look towards the start of a new season, I am genuinely excited to get the opportunity to work with club owners, who are very knowledgeable and enthusiastic and look forward to being part of the new team for what is an exciting new chapter in the club's history."
The Aces moved to the National Speedway Stadium from Kirkmanshulme Lane, but had to wait 54 days to ride at their new home because of problems with the track last year.