Portland Meadows, the once popular race track in North Portland, could soon close its doors if a pending sale goes through.

The Stronach group, which manages the racetrack, said, in a statement to KGW, "Despite all efforts to re-energize the facility and bring in new fans, Portland Meadows has failed to yield a positive return."

The race track opened in 1946. The track hosts both thoroughbred and quarter horse racing. Fans like Kenneth Johnson have been coming for years.

"This is like the coolest building, if you've ever been in there, the bleachers man, just the beauty," Johnson said.

If the sale goes through, that beauty could soon be torn down. According to a report in the Oregonian, a San Francisco company has filed for permits to build "warehousing, distribution or light manufacturing."

"It's really sad, it's been a part of my life even before I started working there," said Katie Peery, who has worked at Portland Meadows since 2006. She fears February, the last time there was racing, was her final day.

"It's really a family where people come together and everybody knows everybody. Seeing that go away in this area is just depressing."

Peery and many others could soon be out of work if and when the sale goes through.

"Thousands of jobs are gonna be lost, from the trainers, the owners, the ferriers, the veterinarians, the grooms. So many people make their livelihood through racing in the northwest."

What might seem like a more telling sign that the end is near for Portland Meadows: The group hasn't renewed their racing license, which is set to expire June 30. The executive director of the Oregon Racing Commission says that typically they like to have the applications at least a month before the current license expires.

The executive director also says that Grants Pass Downs in southern Oregon had their racing license approved, which takes effect July 1. Having two commercial race tracks in the state of Oregon is said to be unlikely due to financial reasons.

There is no closing date announced for the sale of Portland Meadows.