Birmingham Brummies' co-owner Nigel Tolley has vowed to recruit some "very top names" for their roster when they return to speedway's Premiership.
The Brummies and Oxford Cheetahs will race in the top flight next season, replacing Wolverhampton Wolves and Peterborough Panthers.
And they are free to race at Perry Bar Stadium for at least the next two years prior to the site being redeveloped.
"We just couldn't let speedway die," Tolley told BBC WM Sport.
"I'm just very relieved that we're going to have a speedway team in Birmingham next year.
"We've lost Wolverhampton, we lost Coventry, we lost Cradley, we're the last West Midlands team. It's going to be a completely different chapter in Birmingham's history being up in the Premiership."
He continued: "It would have been another nail in the coffin for British speedway if we hadn't had a team next season."
The switch will allow the Brummies - who finished seventh in the Championship last season - to race on Monday nights to avoid a clash with greyhound racing at Perry Bar on Wednesdays.
Tolley said: "We're starting from scratch now to build a team that's worthy of the Premiership.
"It's a very big leap but we're going to put out a team that's very competitive in the Premiership. We're going to see some top names in speedway at Perry Bar, some very top names.
"We're also hoping to incorporate a couple of the old Wolves riders in the team as well. Hopefully that will attract Wolves supporters down to Perry Bar. It's very much like putting together a jigsaw."
Wolverhampton confirmed in August that they will not race in 2024 after their tenancy agreement for Monmore Green was not extended.
Birmingham's future was also uncertain because Perry Bar is going to be used for a new housing village, but the British Speedway Promoters Ltd accepted assurances about their short-term situation.
"We are going to lose the stadium eventually, and in the next couple of years we're going to have to look around for new land where we can build a new stadium or use an existing stadium," Tolley added.
"But at least we're going to be in business for the next couple of years, hopefully."