An inquiry into the Alligator Blood positive swab from the Magic Millions 3YO Guineas was held behind closed doors by Racing Queensland stewards on Thursday.
Alligator Blood has been disqualified from the Magic Millions Guineas with the $1.2 million first prize to be forfeited.
Trainer David Vandyke has also been fined $20,000.
Managing owner Allan Endresz however has stated he will now take the matter to the supreme court.
The inquiry came after a post-race swab of Alligator Blood detected traces of the prohibited substance altrenogest after the horse won the $2 million race on January 11.
Alligator Blood has won two races since the Magic Millions Guineas, including the Group One Australian Guineas at Flemington in February.
Both post-race swabs were clear.
Read more 📝 : Alligator Blood stripped of Magic Millions Guineas win
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