Southern Speed will not take her place in the $6 million Melbourne Cupat Flemington Racecourse next Tuesday November 3, 2012.
The five-year-old is believed to have injured a suspensory ligament this morning and will be sent to the paddock for a long summer spell.
She is expected to return for the autumn racing carnival in 2013.
Southern Speed ran in the $3 million Cox Plate last start, where she finished an encouraging sixth behind winner Ocean Park.
The run, which saw her lift in the final stages of the race, had given trainers Leon Macdonald and Andrew Gluyas the impression she would run a strong 3,200 metres in the Melbourne Cup.
Her injury will have come as a big blow for the stable, who would have been looking to obtain the first Melbourne Cup win of their career.
Southern Speed has won seven of her 25 race starts and has earned more than $2.7 million in prize money.
The Southern Image mare won the Listed Penny Edition Stakes and Group 2 Makybe Diva Stakes earlier this spring, and has been on track to recapture that form in the 2012 Melbourne Cup.
Her withdrawal has come only a matter of hours before the final acceptance payment of $49,500 was due.
With Southern Speed out of the Melbourne Cup 2012, Moudre has now moved into the final 24th ballot position.
However, this could change as the 2012 Lexus Stakes and 2012 Mackinnon Stakes are scheduled to run today, with each offering automatic entry into the Melbourne Cup for the winner.
While Southern Speed is now out of the 2012 Melbourne Cup, there are still a variety of runners left in the online betting markets.
Be sure to check out bookmaker.com.au for all the latest market changes and the best odds for next Tuesday’s big race.
Enter the promo code BONUSBET when you join to receive a bonus bet worth up to $400 to use on the race.