Peter Karlsson on his way back to Wolves

Peter Karlsson, one of Wolverhampton speedway's all-time greats, is on his way back to the club for the rest of the season.moreThe 44-year-old Swedish star was released by Lakeside to accommodate Kim Nilsson – and PK's sudden availability was too much for the Parrys International Wolves to resist.

Karlsson, who skippered Wolves to the Elite League title in 2009 despite a broken collarbone, is part of a double switch with 20-year-old Danish racer Lasse Bjerre – younger brother of Grand Prix racer Kenneth – also joining the club as Australian Ty Proctor and America's Ricky Wells make way.

Club owner Chris Van Straaten has mixed emotions about the changes – but insists he had to act.

He said: "This has been very difficult, but I have to say sometimes you just have to do something – and when Peter Karlsson became available, completely out of the blue, we had to bring him back to Monmore.

"I must emphasise we are not unhappy with our original team selection. We started with the No.1 rider (Tai Woffinden) who had the highest average in the league and that didn't leave us with a lot of scope for the remaining four of the top five within a 32-point limit.

"We don't feel we got it horribly wrong and both Ty Proctor and Ricky Wells have served the club with pride and passion.

"Piotr Pawlicki has been a revelation, so there have been positives, and if we'd had the No.1 riding to his average we'd have been fine. Jacob Thorssell has also grown in stature.

"Tai is now back on song and it's exciting to see him riding alongside PK. We also welcome Lasse Bjerre and we feel sure he can score some important points for the club.

"When we released PK last time we said he'd be back – and now he is.

"At the same time, Ty and Ricky leave with our thanks and good wishes for the rest of the season and we look forward to seeing them back at Monmore Green."

Karlsson will make his emotional return to Wolverhampton colours on Monday, August 4 against reigning champions Poole at Monmore when Bjerre will make his debut.