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Speedway was to eventually return to the County Ground in 1947 following the end of the Second World War, although some open meetings had been staged at a small track in Alphington back in 1946 when the County Ground was still in the hands of the Military.
Buster Buckland was the man at the helm and with a surplus of Anderson Air Raid shelters left over from the war, the infamous steel safety fence made its appearance at Exeter as the team prepared for return to racing in the third Division.
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Exeter loaned Cyril Roger, Don Hardy, John Naylor and Bill Keen from New Cross and Les Trim was signed up having previously been at Crystal Palace and Rye House before the war. Back in the Exeter colours were Bronco Slade and Reg Beer who had both ridden before the war at Exeter and a host of other riders all battling for Team Places.
The season began with a couple of Challenge matches against Eastbourne, losing heavily away whislt winning comfortably at home, before the opening NL meeting at the County Ground that resulted in a 62-20 thrashing of Hanley. The pattern of winning easily at home whilst losing heavily away was very much the same as in later years, although after some encouraging results, Exeter briefly found themselves topping the league at one point.
Stan Hodson joined the Falcons after a brief retirement, having previuosly ridden at Wombwell, and was easily recognisable by the white jumper he always wore over his leathers. Another new signing came in the form of John Myson who had previously been at Rye House and made his debut against Plymouth when he promptly sustained a hand injury. A few days later he topped scored for the Falcon's in their only away win of the season at Plymouth 43-40 having won all their 14 home League matches that season. The only home defeat for Exeter came at the hands of Eastbourne in the North v South Cup when they went down by 45 - 51 in a match that saw another new signing in the form of Arthur Pilgrim who had ridden at Dagenham and Hall Green before the war..
Cyril Roger had won the third Division Championship and Exeter finished fourth out of the eight teams in Division three. But most importantly, the crowds were suuficient to ensure Speedway would continue in 1948, and Speedway had again taking a foothold at the County Ground.
Elsewhere in 1947
Wembley had won their second succesive Division 1 title and also lifted the Speedway Cup. Tommy Price was crowned British Champion, whilst Jack Parker won the British Riders Championship ahead of second placed Bill Kitchen and with Bill Longley in third. Pictured below the victorious Lions including T.Price,Bronco Wilson, Bill Gilbert, Roy Craighead, Alec jackson, George Wilks Bill Kitchen, Charlie May, Split Waterman and Bob Wells
| Team | PL | W | D | L | Pts |
| Wembley | 24 | 19 | 0 | 5 | 38 |
| Belle Vue | 24 | 15 | 1 | 8 | 31 |
| Wimbledon | 24 | 13 | 1 | 10 | 27 |
| Bradford | 24 | 10 | 1 | 13 | 21 |
| New Cross | 24 | 10 | 0 | 14 | 20 |
| West Ham | 24 | 8 | 0 | 16 | 16 |
| Harringay | 24 | 7 | 1 | 16 | 15 |
| Team | PL | W | D | L | Pts |
| Middlesbrough | 28 | 20 | 0 | 8 | 40 |
| Sheffield | 28 | 17 | 2 | 9 | 36 |
| Norwich | 28 | 16 | 0 | 12 | 32 |
| Birmingham | 28 | 14 | 0 | 14 | 28 |
| Newcastle | 28 | 12 | 2 | 14 | 26 |
| Bristol | 28 | 11 | 0 | 17 | 22 |
| Wigan | 28 | 9 | 2 | 17 | 20 |
| Glasgow | 28 | 10 | 0 | 18 | 20 |
| Team | PL | W | D | L | Pts |
| Eastbourne | 28 | 18 | 0 | 10 | 36 |
| Cradley Heath | 28 | 18 | 0 | 10 | 36 |
| Southampton | 28 | 17 | 1 | 10 | 35 |
| Exeter | 28 | 15 | 0 | 13 | 30 |
| Tamworth | 28 | 12 | 0 | 16 | 24 |
| Hanley | 28 | 12 | 0 | 16 | 24 |
| Wombwell | 28 | 12 | 0 | 16 | 24 |
| Plymouth | 28 | 7 | 1 | 20 | 15 |