Melbourne Cup: The Offer withdrawn by Gai Waterhouse

Gai Waterhouse with the Melbourne Cup in 2013
Before becoming a horse-racing trainer, Waterhouse appeared as an actress in Doctor Who in the 1970s

Last year's Melbourne Cup-winning trainer Gai Waterhouse will not have a runner in this year's race after she withdrew The Offer.

The Offer had been a favourite for the A$6.2m (£3.4m) race, which takes place at Flemington racecourse on 4 November.

But the five-year-old could only finish 11th at the Caulfield Cup earlier this month, and has now been pulled out.

Waterhouse became the first female trainer to win the Melbourne Cup since 2001 with Fiorente last year.

The current favourite in the 24-strong field for this year's race is Tomoyuki Umeda's Admire Rakti.