Allan Endresz intends to explore a legal loophole in a bid to keep Alligator Blood's win in the Magic Millions Guineas on the Gold Coast in January.
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On Tuesday it was revealed a second sample taken from the star three-year-old gelding returned a positive reading of prohibited substance altrenogest.
Queensland Racing Integrity Commission confirmed trainer David Vandyke will face a stewards inquiry with Alligator Blood tipped to be disqualified as the winner of the $2 million feature.
However, Border-based owner Endresz said his legal team has discovered a contradiction in two sections (AR214 and AR240) of the Australian Rules of Racing and will pursue the matter further to have the horse cleared.
AR214 refers to the result of the race being final upon declaration of correct weight, while AR240 is in regards to the event of a horse returning a positive swab to a prohibited substance.
Endresz plans to challenge the latter.
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"It was interesting to hear the comments on RSN this (Wednesday) morning from (leading racing) barrister Damian Sheales," he said.
"He didn't give much strength to the argument because we haven't disclosed the full argument in terms of what we're doing.
"He was focused on rule 214, but legal counsel on our side is looking at a 50-50.
"It's all about the impact in relation to that rule which is automatic disqualification and there's effectively no rights therein for those affected by either a contamination or deliberate intent in terms of the administration of the altrenogest drug.
"I was encouraged by his comments and particularly the overall effect of the rule itself and the deficiencies that this drug shouldn't be there anyway.
"He made it clear from his understanding that it's used for mares for their breeding cycle and it has no performance-enhancing qualities.
"The technology today is picking up microscopic amounts of this stuff that comes through and it's got no impact at all on a gelding.
"They were very strong words as to what we're caught up with here.
"If we don't win this in terms of overturning that non-discretionary rule of automatic disqualification, it's a sad day that a horse like Alligator Blood is tarnished with that."
Endresz has denied any wrongdoing from Vandyke from the outset.
"The inquiry is a sad day for David, he's had a tough struggle and journey with a number of these issues in his past and mentally it's been a tough road to have this happen through either inadvertence or a deliberate act," he said.
"We haven't seen the results either by the way, so we're unsure of the quantum that's reflecting in the drug. If that's high, I've been in discussions with the makers of the drug, Ovu-Mate, and they're clear you'd need a fair bit of this stuff which could only come via injection in order to get a very high reading.
"We'll know with more certainty if it's a minuscule amount that it's a contamination issue or whether it's deliberate."