The Vintage Speedway meeting, set to be held on August 1, has been cancelled for the third time this year.

Secretary of the Gasworks Motorsport Club Kerry Phelan said club members came to the decision earlier this week, weighing up the pros and cons.

"People would have been travelling from Sydney for the event, and we just didn't want to risk their or the community's safety," he said.

While Mr Phelan said the event would have been compliant with current restrictions, it wasn't worth the risk.

"The key point was made that it would be easier to manage the 'fall out' and disappointment from our Vintage Speedway constituents, than it would be to manage the irreparable damage to our movement, should a virus case be traced to our event," he said.

It was not all bad news to come from the meeting, however, with a more COVID safe plan hatched.

A Speedway Kart and Club Fun Day will instead be held on Saturday, August 1, with local attendance only.

Guests will be required to comply with COVID regulations, including a checklist upon entry and registration of details.

The event will begin at 8.30am.

Junee mayor Neil Smith expressed his appreciation for the tough, but wise decision.

"I understand this must have been a difficult decision for the committee given the wide interest and reach that Illabo Motorsport has built since its inception in 2013, and doubly difficult given the financial impact on the club and the wider community," he said.

"I do, however, congratulate them on making this tough decision and keeping our communities safe."