Jockey Danny Nikolic has lost his appeal against a two-year disqualification.

Nikolic had appealed against the penalty handed down by the Racing Appeals and Disciplinary Board for threatening Racing Victoria chief steward Terry Bailey.

He challenged the decision in the Victorian Civil and Administrative Tribunal which ruled against him.

VCAT judge Michael McNamara is yet to make a decision on Nikolic's application for a review of the two-year ban.

The matter is listed for mention again on January 22.

Racing Victoria chief executive, Bernard Saundry, has welcomed the decision.

"This decision vindicates the actions of the Racing Victoria stewards," Saundry said.

Nikolic had been disqualified for threatening Bailey during a race meeting at Seymour.