Bandimere Speedway will close at the end of the 2023 racing season

The end of the 2023 racing season in October will bring about the end of a 65-year tradition for Bandimere Speedway in Jefferson County.

"Our family is prepared to surrender the location we've called home for six decades," John Bandimere Jr. said in the Friday announcement. "The place has never been ours. It belongs to God."

Development has been growing in the area, and rumors have been swirling for months that the property may be sold to make way for more development.

"The days ahead are exciting – they're stressful," Bandimere said.

In a later statement on Sunday, Bandimere told CBS News Colorado the following:

"Our family has been proactive over the past several years in an effort to locate another possible location where a new facility can be established. Much the same as in 1956, the opportunity for developing and operating a multi-use facility with drag racing as its primary focus provides an exciting possibility for our family -- one that will also provide the potential to make a meaningful contribution to the community, wherever it may be."

The racing season will run through Oct. 22.