Choctaw Nation spokeswoman Judy Allen said the tribe hopes to sell the track so it can concentrate on gambling operations within its own jurisdictional boundaries.
"It’s not been a business that fits with the tribe,” she said. "It’s outside our boundaries, and we need to focus on the businesses that are successful within our nation’s boundaries.”
The Choctaw Nation bought the track in 2003 for $4.25 million, just a day before it was to be sold in a sheriff’s auction.
The track’s former owner, Race Horses Inc., filed for bankruptcy in 1997.
The Sallisaw Municipal Authority began foreclosure proceedings on the track after the company missed payments on a $2.5 million loan made by the city in 1995.
The Cherokee Nation’s tribal council had passed a resolution that would authorize the purchase of the track at the auction, but the Choctaw Nation bought the track before then, and it paid the track’s debt to the city.