No it won't, it closed for many reasons, a very big one being that the land owner wouldn't lower the rent. He also happens to be a property developer, so it's probably going to be turned into a housing development.
An agreement signed in the 80's was the other one, at the time it was a loose agreement, it's now a rigid one and they could only operate the track on Wednesdays, Sundays and 4 Saturdays a year, again, the council wouldn't adjust it so it's not going to be possible, no matter how lovely the idea might be
They got fined £24,000 for breach of the noise restrictions which was a big killer too.