Troubled Bathurst Thoroughbred Racing has been handed a lifeline for its most important race meeting of the season.

A Racing NSW suspension of the country club's racing activities will be lifted for the Bathurst Cup fixture on February 23.

However the lifting of the ban is only a temporary measure, according to the governing body.

Bathurst was stripped of its racing licence when a meeting was called off last month because of over-watering to its racetrack.

The debacle followed a watering system malfunction late last year when irrigation sprinklers were activated during a race.

"While we are seriously concerned about the events of last year and the loss of the race meeting which led to suspension of the club's licence, this provides Bathurst Thoroughbred Racing the opportunity to demonstrate that it has its house in order and can professionally conduct a race meeting," Racing NSW boss Peter V'landys said.

"As this is one of the feature meetings of the year for Bathurst, Racing New South Wales understands the importance for the club of the meeting proceeding."

Racing NSW personnel are expected to oversee the running of the meeting which features the $25,000 Cup and a 3000-metre race worth $20,000.