Royal Ascot will take place behind closed doors this season, if it goes ahead as planned in June.
The five-day fixture not only features top class on-track action, but is also a renowned social occasion, with the British Queen's carriage procession before racing a highlight for many.
However, officials have announced the public will not be permitted to attend this year due to the coronavirus pandemic.
Guy Henderson, Ascot's chief executive said: "For public health and safety reasons, we have reached the difficult but unavoidable conclusion that Royal Ascot 2020 (16-20 June) will not be able to take place as an event open to the public.
"This will of course be a great disappointment for everyone planning to attend.
"It may prove possible to run the Royal Ascot races behind closed doors, dependent on Government and public health policy and the approval of the British Horseracing Authority for us to restart racing.
"This would be for the benefit of the industry, our valued partners and suppliers and our television audiences at home and internationally. Planning for this is now our complete focus and we will update on progress as and when we can.
"Customers who have already paid for entry and hospitality at Royal Ascot will be refunded in full in the usual way as quickly as possible and we will start the process of communicating with them, initially by email, immediately.
"We thank everyone in advance for their patience and understanding in completing this substantial task given the challenging practical circumstances of the current national lockdown.
"Henderson also outlined the expected financial consequences of the decision.
He added: "The pandemic will have a significant financial impact on our business in 2020, along with so many others.
"Nevertheless, Ascot Racecourse will come through this crisis and we look forward to being able to welcome racegoers back when it is safe to do so.
"Our thoughts are with all those grieving and suffering as a result of COVID-19. We offer heartfelt thanks to our wonderful NHS staff, key workers and volunteers for all their selfless dedication."
Meanwhile, the first four Classics of the 2020 Flat season in Britain will be pushed back until later in the campaign due to the coronavirus pandemic.
Jockey Club Racecourses, which owns both Newmarket, which hosts the 1000 and 2000 Guineas, and Epsom, the home of Derby and Oaks, has announced the fixtures will not take place on their scheduled dates in May and June.
The Guineas meeting was due to take place on 2 and 3 May, with the Derby fixture following on 5 and 6 June, but the races will now be rescheduled "once racing has resumed in Britain".
