The township of Imola has issued order demanding that the Sagis management company hand over possession of the Enzo and Dino Ferrari race track by 9am Friday.
If this does not take place, the town will send in police to seize the property.
Sagis, a company set up by the Bologna branch of the Italian Automobile Club (ACI) to stage races at the track and which is currently in liquidation, has 60 days to appeal the order before a regional administrative court (TAR) or four months to appeal to the head of state.
Town authorities rescinded the contract it had with Sagis last December after it was held responsible for the cancelling of the Formula 1 San Marino Grand Prix, which had been staged at the Imola track for the past 26 years.
The contract was also cancelled because Sagis had failed to pay instalments, for a total of 860,000 euros, on a loan which the town had guaranteed.
Imola Mayor Massimo Marchignoli said at the time that it was important to bring in new management for the track in order to creating the conditions for the return of Grand Prix racing there.
Agis has on its part has sued the town of Imola for 10 million euros in damages and the case is currently in arbitration.
The San Marino Grand Prix was definitively struck from the 2007 calender last October, despite a slot being left open in a preliminary line up.
According to Formula 1 boss Bernie Ecclestone, Sagis had not provided sufficient economic and safety guarantees to allow the staging of the race.
The future of the San Marino Grand Prix originally came into doubt in early 2004 when Ecclestone told an Italian sports daily that the 2004 race at Imola would be the last.
He later backtracked, after speaking with local and national Italian government officials, and the contract was extended in exchange for a commitment to make changes to the track imposed by the international racing federation FIA.
Aside from the track changes, Ecclestone was said to have also asked for more money from race organizers in order to stage the Grand Prix.
The San Marino Grand Prix was one of the oldest races in Formula 1 and was created in a legendary handshake between Ecclestone, then-track operator Luciano Conti and late Enzo Ferrari.
