Ayr Racecourse has been put up for sale, despite drawing its biggest crowds for half a century.
Owners Alan Macdonald and Richard Johnstone say the poor state of the housing market and the planning system in Scotland forced the decision.
The pair have spent £14m on improving the facilities at the course.
Macdonald said: "We have turned a sleeping giant into a vibrant multi-purpose business, but the time is right to hand the baton over."
Western House Hotel, which forms part of the Ayrshire complex, has also been put on the market.
Macdonald and Johnstone bought the racecourse and hotel five years ago and they say both businesses are profitable.
"Richard and I stated when we bought the course five years ago that our intentions were to restore Ayr to its former glory and to ensure a long-term sustainable future as Scotland's only grade one track," said Macdonald.
"We feel the time is right to invite offers from people who feel they can take it to the next level.
"More importantly, Richard and I need to believe these are the right people."
Ayr Racecourse hosts National Hunt and Flat races. It's premier attractions are the Coral Scottish Grand National and the John Smith's Ayr Gold Cup Festival.
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