Essex based- racecourse Great Leighs so far remains unsold since it went into administration in January.
The administrators today (19 March) confirmed that both leading bids have been rejected.
Joint administrator and partner at Deloitte, Carlton Siddle said: “Unfortunately neither of the offers was able to demonstrate sufficient financial support for us to recommend acceptance to the creditors.
“We have confirmed in writing to the creditors that the two bids were inadequate and have been rejected.”
The joint administrators also said that they have entered into discussions with the Royal Bank of Scotland, the main creditor, to investigate whether, in light of the rejection of the two bids, it could take ownership of the course in conjunction with a suitable racing operator.
Racecourse operators have now been asked to submit bids to run the course.
Mr Siddle added: “Negotiations are at an early stage and we continue to liaise with the BHA regarding the relevant licensing requirements and application procedure that will be needed before racing can return to Great Leighs.
“We are aware of the forthcoming negotiations for 2010 fixtures and are fully focused on working to ensure that Great Leighs participates fully in this process.”