Plans for a new speedway and greyhound venue in Reading have been boosted after the local council agreed to grant an extension to the group behind the scheme.

According to the Reading Post Gaming International (GI) had been set a deadline by Reading Borough Council (RBC) to confirm whether the development would go ahead to replace the town's former Smallmead stadium. The company, which owns the controlling rights, have encountered difficulties in providing funding, despite having entered into talks with operators over the proposed development of a casino as part of the scheme.

However, the council has agreed to extend the deadline until the end of March 2011 in order to enable GI to meet "a number of conditions which are necessary before construction starts". A RBC spokesperson told the newspaper: "Cabinet authority to enter into an agreement with Gaming International existed and would have seen them have until June 2010 to be on site and commence work on the new stadium.

"However, changes in European Procurement laws late last year and evolving case law resulted in RBC having to undertake a full re-evaluation of its position. That re-evaluation has now been completed."