The Cathaoirleach of Longford County Council says the strategic important of Longford Greyhound Track provides a huge opportunity for the marketing of Longford town.
Councillor Peggy Nolan was speaking after the council confirmed that it has officially bought the site.
There had been concerns following the closure of the greyhound track in recent years that the site could end up being developed for commercial purposes.
Longford Council however has now bought the site, and plans to use it as a recreation space for the town.
Councillor Peggy Nolan says with the site opening onto the Royal Canal, it provides a huge opportunity to bring people travelling on that route into the county town.