WJC president, Stu Watts, said the venue is under utilised and he wanted to see improvements.
"It has been a difficult decision for our executive board to make but ultimately it was made for the longevity, stability and success of the club and its operations," Mr Watts said.
The club is the oldest racing club in NZ operating since 1848.
Mike Hoss will no longer work with WFC but will continue to run at the Quality Collegiate Inn.
Mr Hoss said Infusion Catering is the name he leased with WFC and will no longer have to ties to that branding.
"I am rebranding as Wanganui Catering and will be launching a new website soon. I'll be also be available for house functions, weddings and similar," Mr Hoss said.