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Horizon Elite 4.1T only runs at top speed?

I have a Horizon Elite 4.1T treadmill. when you turn it on, it goes straight to full speed even though the speed selection is 0.5mph. I've cleaned the speed sensor but it made no difference. It's probably the motor controller board. Are there any checks I can do to confirm this before spending out a £100 on a new one?
Kevin, May 2009