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Hereford Racecourse is set to close according to the operators.
"Hereford is owned by Herefordshire County Council and run under a lease arrangment," said Tony Kelly, managing director of Arena and Northern Racing.
"Attempts to extend the lease, which has 17 years remaining, have been unsuccessful.
"Despite being unviable for several years we have supported the racecourse, but much-needed investment, required to breath new life into the racecourse, cannot be justified in the absence of a long-term future for the business."
Hereford Racecourse was opened in 1771.
This afternoon Hereford Council have issued the following statement:
Herefordshire Council deeply regrets the decision that Arena Leisure and Northern Racing has taken today to close the Hereford Racecourse.
At midday today representatives came to see us to inform us of their decision to close. This is the first we heard that they were going to take this decision.
The lease between the council and the racecourse has a further 17 years to run and the council remains willing to discuss options with the company for the continuation of racing in Hereford.
This is clearly a business based decision for Arena Leisure and Northern Racing.
We understand in discussion with them today that they have been running at a loss over recent years and their announcement and decision to close Hereford racecourse is based on their overall trading position.
Later Council Leader John Jarvis was asked by BBC Hereford and Worcester whether the Council might reduce the rent on the course which has happened at Worcester.
"There has got to be a good business for us to do that because we have a responsibilty to make sure the assets of the people of Herefordshire are well looked after.
"I will look at it."
Jarvis also told the station that the Council knew nothing about the closure until mid-day today.
"At 12.00 o'clock, some people came to see me and broke the news to us which was a big shock indeed.
"We haven't had talks with them since last year."
