WALTHAMSTOW Stadium owners L&Q have been sent a letter containing a fresh approach to lease or buy the site, sparking hopes it could be home to greyhound racing again.

According to the Racing Post, the housing developers received the bid on Thursday and Save Our Stow (SOS)campaigners now believe L&Q will be open to the offer.

However, L&Q have said they have not yet received the letter, which is dated May 14, and they are not open to bids.

A meeting has also been held between Save Our Stow campaigners (SOS) and Richard Leach, of chartered accountants Kuhrt Leach, who is attempting to broker a deal for the Chingford Road track.

The letter was sent to L&Q following this meeting, informing them that two "potential partners" were identified.

It states one of the groups is interested in leasing the site for £750,000 a year with a £1million security deposit and the other wanted to purchase the site "at a current market value".

The stadium closed in August after 75 years of racing, to the outrage of campaigners.

But the current market value of the site is likely to have dropped from the £18,075,001 paid to the former owners and SOS believes L&Q could be stuck with a "white elephant".

And despite claims to the contrary from the developers, campaigner Rick Holloway, of SOS, maintains L&Q have said they would be open to bids.

He said: "They've said they wanted an offer in writing from a credible company."

He added planning permission will not be granted due to flooding risk on the site and campaigners are confident L&Q will now listen to offers to either lease the stadium or buy the land.

"It's the most iconic stadium in east London," Mr Holloway said.

"You cannot build on that site because of the flooding risk."

A spokeswoman for L&Q stated they have never received an "evidenced substantiated offer" and had no plans to sell or lease the site.

She added that a planning application has yet to be submitted and that L&Q have never actively sought offers from any bidder.