The Avondale Jockey Club is to suspend racing at its racecourse in Auckland.
Its last race day in the current season will be 3 July. After that, the club will operate only its training facility at Avondale racecourse along with non-race related activities based there until racing resumes.
The club will negotiate to race events such as the Avondale Cup, Concord Handicap and Avondale Guineas at other racetracks in the northern region in the 2010/2011 season.
Club president Ron Murphy says a funding model recently issued by New Zealand Thoroughbred Racing does not provide enough relief for Avondale to work its way back into a positive financial position.
As well as the economic downturn, additional pressure on the club's finances has come from the cost of debt servicing combined with a reduction in racing income and associated overheads.