The stadium was officially listed for sale over the weekend.
Lifford greyhound stadium employs dozens of people on a part-time basis, including restaurant staff, bar staff, tote betting operators, ground staff, kennel staff, cleaners and a racing manager.
The track was put up for sale last week on the properties for sale section by O'Connor Kennedy Turtle of Coleraine.
The track is being offered as a Greyhound Stadium on a 23 acre complex which is "ideal for Future Development subject to Planning Permission".
It's understood that the owners of the stadium had been recently making huge losses as crowds dwindled over the past couple of years.
In recent times Lifford Greyhound was only racing one night a week, on a Saturday.
The East Donegal track was bought by the Duffy family from Derry in April 2001, and undertook a multi million pound refurbishment becoming one of the most popular greyhound racing stadiums in the country.
In the early years it was a hugely popular venue and the Sunday evening meetings were very successful with top class racing with runners from all over the country.
The closure of the greyhound stadium, which has been opened since 1949, would be a massive loss to the greyhound industry in the Northwest and another blow to the border town of Lifford.