Virginia’s only horse racing track — Colonial Downs — said it will close Nov. 1.

The track is expected to hand over its license Wednesday as part of a meeting with the Virginia Racing Commission.

The closing comes as part of a disagreement between the track and the Virginia Horsemen’s Benevolent and Protective Association over prize money and how the track in New Kent County would operate. The association represents the horse owners and trainers at Colonial Downs.

Racing at the track was suspended during the summer because the horsemen’s group wanted 24 racing days over eight weeks, but the track wanted to operate six days over two weeks, the group says on its Web site.

Closing the track will result in a loss of 70 jobs. The Virginia Derby is Colonial’s annual showcase event.

Ian Stewart, president of Colonial Downs, said in a news release that the approval of the racing commission is needed to stay open.

He described the track as being on “life support.”