Towcester Racecourse directors have placed the company into administration.
This weekend's greyhound meetings have all been cancelled as a result.
Owners of the Northamptonshire racecourse and event venue have cited trading difficulties as the reason for its struggles.
A spokesman for the racecourse said: "Towcester Racecourse Company Limited, proprietors of Towcester Racecourse, are currently experiencing trading difficulties and are in discussions with key stakeholders and professional advisors on the way forward.
"However, the directors have concluded that they have no alternative in the short term but to seek court protection and are now taking steps to place the company into administration.
"As a result, it is with regret that the greyhound meetings on this Friday, August 17 and over the weekend at Towcester Racecourse have been cancelled.
"Whilst inevitably there will be considerable interest from customers, supporters and suppliers, the directors ask that they be given time to focus on exploring other options for the business and they anticipate there will be a further update in the next few days.
"The directors remain hopeful that despite the current situation, given the significant history of horseracing and more recently greyhound racing at Towcester, there will be significant interest from potential acquirers."