Scotland's leading racecourse has been put on the market by its owners, who cited the housing downturn and planning delays for the sale.

Scotland's leading racecourse has been put on the market by its owners, who cited the housing downturn and planning delays for the sale.

Ayrshire businessmen Alan Macdonald and Richard Johnstone bought Ayr Racecourse for £10m five years ago and have overseen a dramatic turnaround in its fortunes since, after spending more than £14m on a series of improvements, including building the four-star Western House Hotel.

However, despite being in profit, they have decided it is in the best interests of the business if the home of the Scottish Grand National and the Ayr Gold Cup is sold.

The sale will include the 99-year lease of the racecourse for a peppercorn rent, as well as the award-winning 49- bedroom hotel and infrastructure at the course, including the Princess Royal and Ayrshire Suite Conference Centre.

However, the sale will not include a tranche of land for which planning permission was granted for 400 houses, which the businessmen acquired when they bought the course in 2003.

Mr Macdonald owns Dawn Group while Mr Johnstone owns Thorntoun healthcare group. Valuers Christie & Co have been appointed to oversee the sale.

Mr Macdonald, chairman of Western Meeting Club Ltd, which owns the course and hotel, said: "Richard and I stated when we bought the course 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.

"Crossfunding to finance both that goal and to also bring all the facilities up to a high standard was to come from residential and commercial developments on surplus land held by the racecourse.

"The planning process took five years, considerably longer than anticipated, and we had to go to a public inquiry, but finally in May this year the process was completed.

"We now have planning consents in place for these developments but the property market is such that it could be a few years before value can be realised from this."

Graeme Smith, a director with Christie & Co, said the racecourse and other buildings would be sold as one lot.

He said the sale would be advertised throughout the UK in racing and other publications and added: "It is possible we could expect inquiries from overseas. Despite the current financial situation we are confident of attracting significant interest because the sale is quite unique."

Mr Smith's optimism was not shared by one racing insider, who said: "Ayr has a very good reputation in racing circles and hosts two of the industry's most prestigious races with the Scottish Grand National and the Ayr Gold Cup.

"Despite the success of these events it is hard to see who would be interested in buying the course. Racecourses are not among the most profitable businesses to buy in the current financial climate."

News of yesterday's sale comes less than two weeks after a multi-million pound plan for a new football stadium and housing development in Ayr fell through after a builder withdrew from the sale of the club's ground.