Thoroughbred racing trainer Bob Baffert has filed a lawsuit against Churchill Downs Inc. (NYSE:CHDN), CEO Bill Carstanjen and Chairman Alex Rankin, claiming that they lacked the legal authority to ban him for two years after Medina Spirit, the horse he trained for the 2021 Kentucky Derby, finished first but was disqualified for failing a drug test.
What Happened: Medina Spirit had his victory voided after testing positive for betamethasone, a corticosteroid, during a test conducted after the race. Kentucky’s racing regulations prohibit the presence of betamethasone in a horse’s system on a race day.
