An internal review of the club's operations has been underway since August and is ongoing, but multiple sources have told The Border Mail police have recently been called in to assist with the probe.

"I can neither confirm or deny any police investigations or inquiries are underway," Country Racing Victoria chief executive Scott Whiteman said.

The club has been the recipient of more than $4 million in state government and industry funding to bankroll major improvements at the venue.

At the club's annual meeting, president Bill Carlile confirmed a cost blowout for the works had taken place.and the club was in talks with racing authorities about the issues.

"Unfortunately during the construction phase of the club's upgrade, project cost over-runs and unbudgeted for expenses have resulted in a debt overhang exceeding that which had been allowed for during the initial planning phase," he said.

In response to questions from The Border Mail about the extent of the cost blowout, Mr Whiteman was tight-lipped.

"We don't discuss those issues publicly," he said.

"The review is ongoing. No date has been set for the conclusion of the review."

Long-serving chief executive Paul Hoysted resigned mid-year citing personal reasons and another staff member left around the same time.

Jon Dight and Ben Murphy from Wonganella Consulting have been employed to administer the club.

They oversaw the club's Melbourne Cup meeting which attracted an estimated crowd of 2500 people which was well done on previous estimated crowds for the meeting of around 5000 people.

Wangaratta was the only race meeting conducted in the region after previously going head-to-head with Corowa and Albury.

Melbourne Cup day is traditionally Wangaratta's most well-attended race meeting.