In a devastating blow for a region recovering from summer bushfires, the Towong Turf Club has had to abandon its meeting on Saturday.
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The Towong Turf Club will still host a phantom meeting at the track tomorrow with gates opening at 11am.
In an announcement at 5.18pm, Racing Victoria made the call.
"Racing Victoria (RV) and Towong Turf Club advises that the meeting scheduled at Towong tomorrow (Saturday, 7 March) has been abandoned following heavy rainfall in the area," it said.
"RV Stewards inspected the track this afternoon with wet patches in the heavy range detected at the 70-metre and 300-metre marks, and the remainder of the track in the soft range.
"As such it was determined the safest course of action would be to abandon the meeting as the track is not suitable for racing."
The 149th annual Towong Cup had received a timely boost with the state government chipping in $20,000 ahead of the race day on Saturday.
The track narrowly avoided being destroyed during the Upper Murray bushfires and the event hopes to bring some much-needed tourism to town.
Minister for Racing Martin Pakula announced the government was backing the Towong Turf Club to help to encourage people to attend and support local tourism operators and workers.
"Towong Cup day provides a great outing for the family and I encourage visitors to consider making a trip to the Upper Murray," Mr Pakula said.