Protectionist put in a brilliant performance under English jockey Ryan Moore to win the 2014 Melbourne Cup for German trainer Andreas Wohler although there was a sad aftermath to the race.

Japanese runner Admire Rakti, winner of last month's Caulfield Cup in Australia, collapsed and died after finishing last.

Thanks for following our coverage, and on a brighter note, well done to globetrotting British runner-up Red Cadeaux, who finished second in the race for a third time.

Sad news as stewards at Flemington Racecourse confirm that the Japanese-trained beaten favourite Admire Rakti collapsed and died after the race.

Reports from the course suggest Admire Rakti, who was prominent before finishing last of the 22 runners, collapsed after the race and has been undergoing veterinary treatment.

Conflicting reports about the condition of Japanese favourite Admire Rakti, who is said to have been distressed after finishing last. More on that when we get it.

Despite missing the break, winning jockey Ryan Moore bided his time on Protectionist towards the rear as the keen-travelling My Ambivalent took the field along at a brisk pace.

Irish challenger Royal Diamond was also prominent, along with home favourite Fawkner and big Japanese hope Admire Rakti, who faded and finished last.

Red Cadeaux moved to the front around the home turn but Moore, who claimed the Cox Plate aboard the Aidan O'Brien-trained Adelaide last month, was not to be denied on Protectionist who surged clear for a decisive triumph.

Image source, EPA

1 Protectionist 7-1

2 Red Cadeaux 20-1

3 Who Shot Thebarman 20-1

(22 ran. Distances: 4 lengths, ½l, 1½l)

Also

4 Signoff 7-1

5 Willing Foe

Protectionist, ridden by English jockey Ryan Moore, wins the 2014 Melbourne Cup for German trainer Andreas Wohler, while British challenger Red Cadeaux is runner-up for the third time

My Ambivalent, trained in Newmarket by Roger Varian, is cutting out the running but challengers are gathering behind with Admire Rakti and Brambles near the front.

Favourite Admire Rakti contests the lead with My Ambivalent. Royal Diamond and Fawkner are close up.

The 2014 Emirates Melbourne Cup is up and running as 22 runners break from the stalls at Flemington Racecourse...

John Hunt
Racing commentator on BBC Radio 5 live

Image source, John Hunt

The city has been abuzz all week with yesterday's parade through the centre of town a massive highlight.

John Gosden, British trainer of Gatewood, told me: "I think the government should close Oxford Street and Regent Street and let us parade before the Derby." All tongue in cheek but Gosden is a different man here. Not that he is ever anything but charming, he is as relaxed as I've ever seen him, happy to get fully involved in the process and clearly loving it.

The comms box is great. Strange but the winning line is not really clearly defined so if Red Cadeaux is involved in another titanic finish, don't be surprised if I call for the judge. I'd love him to win.

(John adds that he expects Signoff to run a big race)

The Japanese contender Admire Rakti heads the betting and has strengthened with British bookmakers at about 9-2. After that the leading contenders are...

6-1 Protectionist

7-1 Lucia Valentina, Signoff

8-1 Fawkner

9-1 Mutual Regard

16-1 Bar

Cornelius Lysaght
BBC horse racing correspondent

On the one hand, the Melbourne Cup is 'just' a two-mile handicap race - a very valuable one, admittedly - so in terms of quality it is theoretically not in the same league as 'weight for age races', like, for example, the British or Irish Classics or the Arc in France or the major international contests staged at America's Breeders' Cup or in Dubai, Hong Kong, Japan etc.

However, there is so much romance attached to the Cup. The claim it 'stops a nation' is nearly on its own, but then it's staged in Australia, and clearly there is massive, long-standing rivalry between the hemispheres, in cricket and rugby union.

For British racing it's even more personal as the Aussies have made a series of successful raids on Royal Ascot in recent years, and the last two winners have been ex-pat horses now based in Australia.

Add in then the fact that racing is becoming more international, with owners and trainers happy to travel very long distances in search of glory and prize money, and that's why an event that was once massive mainly in Australasia is now a world great.

Here's our wizard of odds in Oz. Shane Anderson, chief journalist for racing.com & presenter of RSN Racing and Sport in Australia:

1 Fawkner 2 Admire Rakti 3 Mutual Regard

Last year's Caulfield Cup winner Fawkner has been in tremendous form this season, including winning the Caulfield Stakes, with a narrow defeat in the Cox Plate. Ran a huge race in last year's Melbourne Cup when closing late from too far back. Can be on speed this year and races best at Flemington.

Image source, AP

Australia's national anthem is being belted out against a kaleidoscope of flags, colour and boisterous punters. Our Aussie expert is up finally with his predictions...

No surprise that our Irish representative, Niall Cronin of the Evening Herald in Dublin, stays close to home by picking one of the two runners for Johnny Murtagh, who also saddles Royal Diamond.

1 Mutual Regard 2 Fawkner 3 My Ambivalent

Mutual Regard was very impressive when winning the Ebor and is certainly best fresh. Johnny is very happy with him and although he needs to be still improving he could be the progressive horse in the race. And I am biased! My Ambivalent is a great each-way bet if handling the preliminaries, however.

Time to ask some pundits at the course for their 1-2-3 predictions. First up it's Tom Peacock, chief racing correspondent for the Press Association

1 Protectionist 2 Lucia Valentina 3 Opinion

Protectionist has a perfect draw in 11, the best jockey in the world - Ryan Moore - riding him and the form of his trial in the Herbert Power Stakes is starting to read really well. A lightly-raced horse who looks like he has much more to offer.

Excitement is building as a crowd of more than 100,000 pack into Flemington Racecourse. Jockeys from around the world line up in front of a multitude of flags. This is how the 22-runner field breaks down by nation:

Australia 12

Britain 5

Ireland 2

France 1

Germany 1

Japan 1

John Hunt
Racing commentator on BBC Radio 5 live

Image source, John Hunt

This was the scene four hours before the big race, which I'm looking forward to calling for BBC Radio 5 live at 04:00 GMT.

I've been completely bowled over by exactly how big the Melbourne Cup event is. It's worth Aus $370million (£200m) to the state economy, says course chairman and banker, Michael Burn.

Today is a public holiday in the state of Victoria to enable everyone to enjoy it.

Schools had picnics yesterday to celebrate and recently, pressure to run the race later in the day was resisted because the Victoria Race Club feel that to do so would deprive children in the rest of the country an opportunity to see or hear the race; incredible to think that lessons are curtailed to take in the race.

Calum Madell:, external "Araldo, in good form, decent tactical speed, should stay on pedigree, trainer won with Brew from widest draw. 25/1 #bbcracing"

Jack Layton, external: "Mutual Regard, Junoob and My Ambivalent. Would love for Red Cadeaux to get his head in front on the line."