ISG will work with AFL Architects on the new centre which has been procured via the North West Construction Hub.

Manchester City Council – in partnership with Belle Vue Aces and England Basketball – are now in the process of preparing the project’s planning application that will be submitted in the coming months.

The centre will become a unique sporting hub for the area and the national home of speedway and basketball.

Plans include a new National Speedway Stadium and National Speedway Academy that will be the home of Manchester’s Belle Vue Aces team.

The site will also boast a new 3G all-weather pitch, a new National Basketball Centre and a new rugby pitch.

The £4.5m building costs for the new National Speedway Stadium will be initially funded by the city council.

This loan will be repaid by Belle Vue Aces though an annual rent as part of the club’s lease agreement.

Cllr Jim Battle, Deputy Leader of Manchester City Council, said: “Every milestone towards Belle Vue Sports Village is a step closer to realising the potential of this area.

“Of course there is still some way to go – planning and beyond – but we welcome the experience of ISG to deliver the development in the future.”

ISG’s managing director Alan McCarthy-Wyper said: “The creation of this purpose-built sports and leisure destination represents a major investment by the council in world-class facilities that will directly benefit the local community and generate major economic benefits for the city.

“We are delighted to be working closely with all key stakeholders to realise the vision of this important regional development.”