The owner of Lancaster Speedway and Dragway—the car racing track and drag strip in Lancaster, New York—has announced an agreement to sell the Gunville Road facility, according to The Buffalo News.

Track owner Gordon Reger said last week that a verbal agreement is in place to sell to an undisclosed party who intends to continue racing. The track has scheduled racing events continuously during its 60 years of operation, but currently does not have any events on its 2019 schedule. 

"There is no deal signed yet but their intention is to open it as soon as possible for racing this season," Reger told The Buffalo News. "As long as things move along I will let the new owner take over the operation of the track prior to the sale closing."

Reger, who has owned the track for nearly two decades, put the facility up for sale last fall. If a new owner was not found by the beginning of the season, racing would have ceased.

"The identity of the buyer will become known when the buyer and I choose to release the information, which I anticipate would be fairly shortly. What I can tell you is that the buyer will run it as a race track,” Reger said to The Buffalo News.

Visit the Lancaster Speedway website or The Buffalo News for the latest information.