By alley - Feb 12, 2015, 10:46 AM ET

Walt Disney World Speedway to close

An announcement Wednesday that the Richard Petty Driving Experience and Exotic Driving Experience at Walt Disney World in Orlando, Fla. will close on June 28 to make way for transportation improvements appears to signify the end for the Walt Disney World Speedway, a one-mile oval built on the grounds of the Florida theme park that hosted the first Indy Racing League race in 1996.

"Disney has other uses for the property, and they have the right to do that, and we respect that," said Bill Scott, executive vice president of attractions operator Petty Holdings LLC, told the

Orlando Sentinel

. "It's not without some sadness that we leave Walt Disney World Speedway. We had a great home here."

Disney declined to offer details on what "transportation projects" it intends for the property, which is located south of the Magic Kingdom parking lot and west of World Drive.

Walt Disney World Speedway hosted IRL events from 1996-2000 (pictured) and NASCAR Truck Series races in 1997 and '98. However, Disney closed the facility to major events after that, citing ongoing issues with parking and scheduling. It has been the home of the Richard Petty Driving Experience and Exotic Driving Experience since '97.