The Matthew Dale-trained gelding was perfectly placed in third coming into the home straight, but couldn't go with the other runners and dropped back to finish 12th - 12 lengths behind winner Redzel.

???He was diagnosed with thumps - a horse equivalent of hiccups, although it's more serious in horses. Fell Swoop will now go to the paddock for a spell and won't race again this spring.

The son of Not A Single Doubt was also galloped on and hurt his off fetlock, but was cleared of internal bleeding.

Dale's only concern after the race was the wellbeing of his horse, but praised the Australian Turf Club for the Everest concept, which he said would rival the historic Melbourne Cup going forward.

"He ran the worst race of his life and something went amiss on the corner so I'm going to go find out what ... there's no where to next, it's just worrying about now," he said.

"That's the key, just find out what's gone amiss there and work out what we need to do.

"The concept of The Everest is something that'll be here to stay, something that can rival the Melbourne Cup going forward in the spring.

"It's an outstanding concept and obviously disappointing that something's gone amiss with Fell Swoop today, but it's great to be involved. The lead-up was great, the build-up was great and the ATC have put on an awesome show."

Jockey Tye Angland knew something was wrong at the start of the straight and drew praise from Fell Swoop's owners for not pushing him in the run home.

"We jumped from a bit of an awkward gate [barrier 8], we ended up three deep outside the speed," he said.

"I thought they were going to go a little bit quicker, but he was a beaten horse before the corner and that's why he was gone so far out.

"I can't put my finger on what it was, but I'm sure once he cools down they'll find something because that's not the horse he is. He's a gutsy horse that tries his heart out, but for some reason he could be amiss there.

"I think he might pull up sore. They'll find a reason because he went too bad."