The oldest racetrack in Illinois could soon cease horse racing operations after a bankruptcy process drummed up just one interested buyer who plans to rework the property.

Hawthorne Race Course in suburban Stickney filed for bankruptcy in February with debts of more than $100M, according to the Chicago Tribune. An unknown corporate buyer operating under the name Allimac 2023 LLC offered $90M for the 108-acre site as a "stalking horse" bid, which defines the floor for a minimum purchase price in bankruptcy court.

No other qualified bidders emerged by Tuesday's auction deadline, so the corporate buyer was the lone bidder. Bankruptcy Judge Timothy Barnes still needs to approve the sale at a hearing scheduled for Monday.

The Illinois Thoroughbred Horsemen’s Association told its members that the track, founded in 1891, was sold to a "non-racing entity" but that racing would continue until further notice.

The buyer's plans for the site at 3501 S. Laramie Ave. are unclear, but Hilco Global marketed the property in the run-up to the auction as a redevelopment play as well as a racecourse. The property's strategic location and heavy industrial zoning positions it as one of the largest infill development parcels in the Chicago area, Hilco said in a June press release.

“With exceptional multi-modal logistics connectivity and strong surrounding market fundamentals, Hawthorne represents a truly rare opportunity to reimagine a landmark asset for its next chapter,” Steve Madura, managing director of operations at Hilco Global, said in a June statement.

Hilco declined to comment Wednesday.

Hawthorne Race Course's closing would spell the end of horse racing in the Chicago area. Churchill Downs closed Arlington International Racecourse in 2021, and the site was later sold to the Chicago Bears as a potential stadium site.

Hawthorne told the state in June that if racing operations didn't continue at the track, it would have to lay off up to 290 workers.