Great Leighs founder John Holmes has vowed he "won't make the same mistakes again" after striking a deal that will secure the future of the troubled Essex track.

Racing is likely to return in 2011 after Deloitte, whose senior executives have been acting as joint administrators since 16 January, reached an agreement on a deal that will take the Essex County Showground Group (ECSG) and associate companies out of administration.

ECSG had debts upwards of £24million when it went into administration.

Led by Essex businessman Terry Chambers, and wealthy property developer and racehorse owner Bill Gredley, Holmes will remain a key figure in a new company.

"We are pleased after what has been a complicated process, but we have entered into an exclusivity period and have agreed a price with the bank," said Holmes.

"There is still a lot of work to be done, but we are delighted that we have been given a second chance. We won't be making the same mistakes again. At least we won't have to go through the process of being a 'new' racecourse again."

The new company, which will have to satisfy conditions laid down by the British Horseracing Authority before being granted a licence to race, will submit an application to take up at least 16 fixtures in 2011.

Holmes added: "We will be seeking a licence in the next few months and we hope to be part of the fixture process in 2010, so the earliest we will be likely to race is 2011."