A multi-million pound bid to acquire London's historic Walthamstow Stadium as part of efforts to return greyhound racing to the venue has been turned down by owners London and Quadrant (L&Q).

Bob Morton, a businessman and honorary president of the Greyhound Owners, Breeders and Trainers Association (GOBATA), is reported to offered between £8-£9m in order to purchase the facility. However, L&Q told the Waltham Forest Guardian that the offer "failed to provide sufficient assurances on funding and planning viability and proposed a purchase value well short of current market valuation and potential of the site".

L&Q is planning to transform the Walthamstow Stadium site with an affordable housing project, but has been criticised by the campaign group Save Our Stow (SOS), MPs and Waltham Forest councillors for rejecting Morton's bid outright. Local MPs Iain Duncan Smith and Stella Creasy said: We are very disappointed that L&Q has rejected Bob Morton's offer without meeting him beforehand. L&Q now need to answer some very serious questions."

Matt Davis, leader of the Conservative council group at the London Borough of Waltham Forest, added: "We very strongly urge L&Q to reconsider their hasty and ill judged rejection of Bob Morton's offer and to do the right thing for Waltham Forest and work with him to achieve a deal."