The Mackay Turf Club is likely to retain its position as a TAB track despite having been found to be trading insolvent.

Racing Queensland chairman Kevin Dixon outlined the club's plight in a media briefing on Monday.

Dixon said at this stage it was believed the Mackay club was $300,000 in debt but RQ was standing as guarantor so the club could continue to operate.

He said a further forensic investigation was being under taken to determine the exact amount the club was in the red.

"I don't want to say any more until the investigation is complete. But we have taken over running of the club," Dixon said.

"The club will retain its TAB status but in exactly what form we are yet to determine."

Most of Mackay's meetings are TAB races on Tuesdays with some Thursdays.