Nicky Henderson has been forced to rule Binocular out of Tuesday's stanjames.com Champion Hurdle at Cheltenham.
The reigning champion had been a clear favourite for the race for some time but there will be many disappointed punters waking up to the news that Binocular has tested positive for a banned substance and the British Horseracing Authority has advised Henderson to withdraw the horse.
The fastest bookie to react to the news seems to be
Paddy Power who have reshaped their market and have announced that they will be refunding all losing ante post single bets on Binocular winning the race.
Henderson explained: "We have very regretfully had to decide not to declare Binocular for Tuesday's Champion Hurdle.
"He had an allergy two weeks ago that did not respond to initial medication and on veterinary advice and well within normal parameters he required a further treatment the following day.
"As we were getting close to the most important race of the year and also because since that administration to Binocular, another horse had tested positive for the same substance, I thought it prudent to take a precautionary test which not only surprisingly, let alone devastatingly, has also shown to be positive.
"We have therefore reluctantly had to take the BHA's advice this morning that the only reasonable course in everybody's interest is not to confirm the entry and he has consequently been withdrawn from the Champion Hurdle.
"We are all obviously shattered but I am particularly upset for JP (McManus) who has been incredibly understanding as I know how much this horse means to him."
