Nine years after cars first took to the track at Pikes Peak International Raceway, the facility is being sold to a company that will close it -- and sell the 1,200 acres underneath.

PPIR president Rob Johnson made the announcement Friday morning in a press release from public relations director Clark Curtis.

Johnson says he's proud of the impact the organization made on Colorado motorsports and the local economy.

Assets of the Fountain-area facility are being sold to a subsidiary of International Speedway Corporation. I-S-C reportedly plans to honor all previously-scheduled events through October 31st, then close the raceway and sell the land.

Sixteen permanent employees will be offered severance packages, and a "handful" will help close the facility.

The track is located about 15 miles south of Colorado Springs.

Besides hosting numerous sanctioned racing events, PPIR has also served as an entertainment venue for singers such as Tracy Lawrence, Martina McBride and Hootie and the Blowfish.

Comedian Jeff Foxworthy has also performed there, as well as daredevil Robbie Knievel.