The Victoria Racing Club announced on Wednesday it had been granted permission to host 500 people at the Living Legends meeting on Saturday.

Of the 500 tickets, 440 will be put aside for VRC members selected through a ballot and the rest designated as rotating places for runners' owners.

"We want to recognise their loyalty and support throughout one of the most challenging years in the club's 156-year history," VRC chief executive Steve Rosich said in a statement.

The entire spring racing carnival was held behind closed doors including the Melbourne Cup, as Victoria carefully emerged from its devastating second coronavirus wave.

The Cox Plate had been set to host up to 500 racing connections for its 100th running before the government was forced into a backflip as the decision was met with widespread criticism.

Saturday's race meeting will be the first time since March 7 Flemington has had spectators on course, with the VRC assuring guests it's ready to provide a COVID-safe environment.

All patrons will be allocated a seat and be subject to on-course rules to ensure social distancing adherence.

The VRC said it is lobbying the government to raise the crowd limit to 5000 for its Christmas race day and an even greater capacity for the new year.

"We look forward to welcoming even more racing fans as soon as we get the green light to host larger crowds, in line with the prevailing public health advice," Mr Rosich said.

Australian Associated Press