Racing NSW stewards will make a final decision at 7.30am on Friday whether Albury Racing Club's meeting will go ahead.
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Stewards have already invoked the level 2 of the hot weather policy with the forecast temperature of 40 degrees.
The air quality from the recent bushfires poses the biggest threat to the meeting.
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Club chief Steve Hetherton conceded the meeting was unlikely to be run.
"Obviously we would need the air quality to improve significantly if we are going to hold the meeting," Hetherton said.
"If it can't go ahead, hopefully Racing NSW can transfer the meeting to next week so industry participants still get a chance to compete for the prizemoney.
"But the club's issues are irrelevant compared to the loss and devastation of the bushfires."
Tumut's TAB meeting for Saturday has been rescheduled to January 18 with the forecast temperature of 44 degrees.