HARARE, Zimbabwe - Once the preserve of the ruling white minority, horse racing in Zimbabwe adapted to survive independence in 1980 by attracting a loyal following of local fans who enjoyed a bet.

Now the country's only track, at Borrowdale outside Harare, is threatened with closure - highlighting how a worsening economic crisis has pushed even the hardiest of colonial-era legacies to the brink of extinction.

"We often ask ourselves how we keep going, but we want to continue for as long as we can. Racing is popular in Zimbabwe. There is just no money for people to spend," said trainer Bridget Stidolph.

As owners, breeders and gamblers pull out, the number of racehorses stabled in Zimbabwe has dropped from nearly 500 five years ago to just 120 today.

Only four full-time trainers, all of them white, remain in business.

Zimbabweans' love of a wager kept the sport alive, but the country's economic output has halved since 2000 and unemployment stands at over 90 percent - sending betting revenue to new lows.

No official gambling figures are available, though attendance for the flagship Castle Tankard race on May 6 was only a few thousand people compared with crowds regularly in excess of 20,000 several years ago.

Spectator Keddy Masango, 30, an unemployed man from Harare, said: "I used to have a bet. I can't gamble without money. Now I just come here for the day to look."

"Zimbabweans love racing and having a bet, so it is sad that many can't enjoy their entertainment," said Cuthbert Mangoma, who works as a driver, admitting he lost $40 betting during "a day when I had no luck" .

A major rescue plan is underway to raise funds by selling off plots of land surrounding the racecourse, with Chinese and other foreign companies reportedly interested in building hotels and residential complexes.

In a small VIP enclosure on the lawn close to the finishing post, about 100 corporate guests sipped complimentary drinks.

"I come here 90 percent for the social scene and 10 percent for the horses," said Tsungie Manweza, 33, a corporate affairs manager wearing a stylish pink headpiece with a net veil.

"I meet people, and there is the adrenaline of the race. It is an exciting day, but the racing culture is fading away in Zimbabwe."

Agence France-Presse