The tragic death of racing driver Stephen Douglas at the Daylesford Speedway last month has sparked a review into safety at the venue.
The incident occurred when his car flipped and then other competitors smashed into his vehicle while upside down.
All races have been halted at the venue while Speedway Australia investigates the circumstances of his death.
The Speedway said in a statement that the Hepburn Shire Council made the decision to withdraw leases for race meetings.
“The club will continue to work with the Hepburn Shire and all other relevant organisations to be able to hold race meetings in the future.”
The Speedway is the oldest running speedway dirt track in the state.