The directors admitted that it had been a very difficult decision but racing at Tralee was no longer economically viable.

A statement read: “Over the past five years, the directors of the company have explored, and exhausted, many options with the view of retaining and developing racing at Ballybeggan Park.

“The resolution put to the EGM on Thursday night was, according to expert independent advice, the best option available to shareholders of Ballybeggan Park.

“In addition, the proposed plan from the consortium of developers to create a state-of-the art leisure facility at Ballybeggan, was attractive to shareholders, as it is believed this development will enhance the social, sporting and cultural life of Tralee town, and its environs, going into the future.

“The board of directors and shareholders of Ballybeggan Park Company would like to acknowledge, and sincerely thank, our valued sponsors, employees, owners and trainers, the Racegoers Club, all other friends and supporters, and of course, every patron of Ballybeggan Park since 1944.”

Brian Kavanagh, chief executive of Horse Racing Ireland, was sad to hear of the closure and said that discussions would be held over where Tralee’s fixtures for 2008 would take place.

“It is always a sad occasion when it is announced that a racecourse is to close, but we recognise the difficult position the Tralee shareholders have been in for the past few years,” Kavanagh told the Racing Post.

“We will have to sit down with representatives from the track to discuss what implications their decision will have for the 2008 fixture list and the dates Tralee applied for, and were granted, when the list was finalised last month.”