If trainer David Vandyke is found guilty of presenting the horse to race with a prohibited substance it is likely he would face a fine but Alligator Blood, who is part-owned by Border businessman Allan Endresz, would be disqualified from first place and the $1.1 million prize would be forfeited.

Vandyke says he has been informed the B sample taken from Alligator Blood had come back positive and he now faced an inquiry.

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"This presents a challenging time. Since moving to Queensland in May 2016 this is the first irregularity that I have had in this state," Vandyke said.

"It is my hope that the inquiry will shed light on how altrenogest entered Alligator Blood's system and help prevent any similar incident occurring in racing again."

Mr Endresz has likened the positive swab returned by his racehorse Alligator Blood to the circumstances which led to the nobbling of the country's most revered galloper Phar Lap.

Altrenogest is a prohibited substance in male horses under the Australian Rules of Racing and is a hormone treatment generally used to calm fillies and mares.

Stewards have offered Vandyke the opportunity to give his submissions in writing or at a steward's inquiry to be held via telephone or video conference because of the COVID-19 pandemic.