Cr Brian Kelson invited the two racegoers to the council-funded tent on May 1 after consulting with Warrnambool City Council chief executive Bruce Anson.

Of the 168 people included in the guest list, Cr Kelson's two guests are the only figures not to be directly identified through their roles in business, politics or bureaucracy.

Cr Kelson said revealing the identity of the two associates, believed to be property investors, would be improper.

"We don't need people hounding them I think it would be best if their identities remained confidential," he said. "I hadn't met the people in question until the day of the races and met them through a mutual friend.

"I contacted Bruce Anson, who I believe also had a chat with Michael (Neoh) and they said it was fine that (the business associates) attended.

"They're both people who have a lot of influence in business and it was great they could come along."

alex.sinnott@fairfaxmedia.com.au