Racing: Pre-race favorite dies after finishing last in the Melbourne Cup

Melbourne Cup favourite Admire Rakti has died after finishing last in the race. It won the Caulfield Cup in brilliant style last month, and today raced near the lead for most of the 3200-metre journey.

As it rounded the final bend the horse was clearly under pressure and dropped back through the field sharply.

He finished 25 lengths behind the second-last horse.

Chief steward Terry Baily said the seven-year-old collapsed and died when he returned to the tie-up stalls after the race.

Racing Victoria vets will conduct an autopsy.

"It's a shame. We had such a nice, clean-run Melbourne Cup," Bailey said.