Chief steward John Davidson has confirmed the Albury Gold Cup meeting is in doubt.
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Almost 25mm of rain in a 20-minute period has created five to six spots on the track which are presently considered unsafe for racing.
A further track inspection will be held at 12.15pm to decide if the club's biggest meeting of the year goes ahead.
"If we had to make a decision now the meeting wouldn't go ahead," Mr Davidson said.
"In order to race we will hold another inspection at 12.15pm.
"We will be able to tell then at what rate the water is getting away."
The best possible scenario is for the meeting to be delayed for an hour with the first race scheduled for 1.10pm.
Asked if it wasn't a cup meeting, Mr Davidson said: "I think we would be heading home".
A helicopter has arrived at the course in an attempt to dry the track.
