Ayr Racecourse has been enjoying its largest crowds for 50 years

Ayr racecourse manager William Gorol has defended the decision to put the horse racing venue up for sale.

Owners Alan Macdonald and Richard Johnstone say their decision was forced by the decline in the housing market and Scotland's planning system.

The pair have spent �14m developing the course, but the housing development on the site is not included in the sale.

"They've put their money where their mouth is and spent �14m out of their own personal wealth," said Gorel.

The Western House Hotel, which forms part of the Ayrshire complex, and Gorol's position as manager are both terms of the sale.

They've invested their money very cleverly so that the business can stand on its own two feet William Gorel

The pair say both businesses are profitable, and, in an interview on BBC Radio Scotland's Sports Weekly, Gorol maintained their investment would help secure Ayr's status as Scotland's premier horse racing venue.

"They've invested their money very cleverly so that the business can stand on its own two feet," said Gorol.

"We've not been assisted by the recent credit crunch and the falling housing market, but the racecourse is trading very profitably and it's a multi-functional business that has transformed in the last five years and is now incredibly successful."

Gorol also defended the decision not to include the housing development on the racecourse as part of the sale, which is being developed by Macdonald's company Dawn Homes.

"If they had sat back over the last few years and done nothing, then perhaps you could levy criticism at them," said Gorol.

"The irony is, that they've very much put the cart before the horse.

"In the last few years, they've spent the money they would have hoped to get from the housing development, and they've spent it very wisely.

"When they purchased it, the only income the racecourse had was from it's racing, and they've now opened the Western House Hotel.

"�14m is a lot of money in anyone's language, and that investment was meant to have been paid off by the sale of the housing land, but the housing market has absolutely collapsed, and that has become a personal investment.

"I think they've invested it very wisely and created a unique business for Ayr and for the people of Scotland to enjoy.

"Ayr is at the forefront of social racing, which is completely different from the cloth cap which people may remember from years gone by. We've managed to make racing more fun."

Ayr Racecourse hosts National Hunt and Flat races. It's premier attractions are the Coral Scottish Grand National and the John Smith's Ayr Gold Cup Festival.