Point of Law justified his favouritism at the 2026 Melbourne Cup after three-year-old stallion that was owned by King Charles until earlier this year chased down Royal Supremacy in a thrilling feature race at Flemington Racecourse.

Jockey Ethan Brown guided the Ciaron Maher-trained horse to victory in the $10m race after Royal Supremacy – another in Maher’s stable – had led by about 20 lengths at one point.

Maher had a record seven horses in Tuesday’s race and trained the trifecta, with Zahrann coming in second and another from his stable, Juja Kibo, third. The Joseph O’Brien-trained Sons and Lovers came in fourth.

It is the second time Maher has overseen a winner in the “race that stops the nation”, while victory for Brown marked a stunning turnaround in his fortunes, after he nearly died in a horrendous fall three years ago.

Point of Law was bought by an Australian syndicate from King Charles in August and surged to the top of the betting after a strong performance in the Geelong Cup.

“He’s going to be a superstar. Stunning horse this,” Brown told Channel Nine after his victory, adding that winning the Melbourne Cup was a dream come true.

“Please don’t wake me up,” he said. “It’s every jockey’s dream to do this. And I can’t believe it. I was confident in the horse. Everyone I’ve spoken to said they’ve never gone in with that confidence.

“He’s in such good hands with Ciaron. He had the best turn of foot in the race. I thought he ran really well and he’s going to be a future star if he’s not already one today.”

Brown spent six months out of the saddle after a serious fall in the 2023 Australian Guineas at Flemington that left him in hospital and considering his future in racing.

“There was something burning inside me,” Brown said. “I was inches from losing my life, but a bit of time off and I realised I wasn’t any good at anything else. There was a slow burn inside of me [to come back].”

Point of Law was purchased from the royal stable in the UK after winning the Group 3 Bahrain Trophy at Newmarket in July.

“I knew I had my best hand going into it, but we just had to execute,” Maher told Nine. “I certainly didn’t know that Royal Supremacy would lead by that far, but it is a true test of staying and, Point of Law, he’s just thrived.

“It has been a whirlwind but I’m very proud of all the team to get three horses in the first three spots.”

After pop star Robbie Williams had urged those massed at Flemington to “let me entertain you” and then delivered a typically uplifting pre-race performance, focus returned to the horses, with 23 of the expected 24 runners parading through the mounting yard.

Earlier, top trainer Chris Waller was fined $50,000 after his contender Asterix was scratched having been found to have received anti-inflammatory medication on race-day.

The application of Penetrene is generally allowed on horses but there is a blanket ban on race-day treatments. Waller revealed its use on the forelegs of Asterix, part-owned by former New Zealand cricketer Mark Greatbatch, hours before the race was a mistake.

“The horse gets the same treatment every day,” Waller said. “It’s a very basic liniment most stables use and I guess the pressure of race day, the person that looks after the horse, put it on his legs right in front of the security guard, nothing to hide.

“It’s not her fault, I’ve got to wear the responsibility, it’s my team. It’s rare for us to make mistakes but the pressure of race day, you can’t explain how it affects everybody, everyone is on edge on Melbourne Cup Day and you think a little bit differently.”

It left Hall of Fame trainer Waller with just one horse in the race, Soul of Spain, who finished 13th.