The course cost £30m to build but may now face demolition
Great Leighs, which was Britain's first new racecourse for 81 years, looks set to be redeveloped after no buyer came forward to run it as a going concern.
The administrators, Deloitte, have spent the last 17 months trying to find a buyer but it said on Wednesday it had now given up hope.
They will now talk to the principal lender, RBS, about "the next step".
The course, near Chelmsford in Essex, went into administration in January 2009, only nine months after opening.
With no-one interested in running it as a racecourse it is thought likely the site will be redeveloped, possibly for housing.
The joint administator, Carlton Siddle, said: "Unfortunately, despite significant effort over a period of 17 months, we have been unable to conclude a sale.
"The numerous highly complex title issues have not been capable of resolution. Consequently, we are now in discussions with the group's principal secured lender, RBS, about the next step."
Great Leighs was Britain's first new racecourse in 81 years when it opened in April 2008, but soon hit problems.
It cost £30m to build but opened just as the economy hit the downturn and despite reasonable attendances the business soon racked up big losses.