Champion mare Makybe Diva will be retired after winning a record third Melbourne Cup win this afternoon.

Owner Tony Santic announced at the presentation of the Cup that Makybe had run her last race and would be immediately retired.

To the applause of an appreciative crowd, Santic's decision was thoroughly endorsed by trainer Lee Freedman and jockey Glen Boss, both of whom thanked Santic saying their involvement with the champion had been a "great ride."

Freedman had a quote ready for the historic moment saying:

"Go and find the smallest child on on this course because there will be an example of the only person here who will live long enough to see something like that again."

"We'll never live to see it again."

After being well back in running as is her custom, Makybe Diva made a strong run wide out on the home turn after putting herself well into the race by taking all the available runs.

Boss left it until the 300m mark to really make his run and the great mare was able to put the result beyond doubt in a few strides.

"I was always comfortable", said Freedman of Boss's ride. "They ought to bottle all of Glen's Melbourne Cup rides."

"The only thing we discussed was - Glen don't go for inside hero runs because if we get stopped in our tracks, we're finished."

"Once she shouldered her way out at the 300 and she was just travelling and covering the leaders it was like watching a maiden at Bendigo, you know."

Freedman described his feelings after the race as something other than relief.

"Its not relief", he said. "I thought she could do it and I knew all along she could do it."

"She's just a great great horse. Probably didn't have the perfect preparation but good enough."

Asked to compare Makybe Diva with Phar Lap, Freedman commented:

"I don't want to run Phar Lap down, but I never saw Phar Lap win three Melbourne Cups."

Almost overlooked in the crowd was Makybe Diva's devoted strapper, Christine Mitchell.

"I felt like I was bawling but I can't stop smiling. I'm so proud of her", she said.

"I was over there by the media and we had a little TV and we got to see where she was in the run."

"That's my biggest thrill in racing."

South Australian On A Jeune, son of another Melbourne Cup winner in Jeune, came with a late run to come from near the tail of the field at the 400m mark to run second.

"$750,000 is a lot better than $350 at a Ceduna maiden which is where the mother won", said trainer Peter Montgomerie, referring to the Melbourne Cup second prize cheque.

New Zealander Xcellent also came from well back with On A Jeune to finish third.

"We'll go back to New Zealand and have a break and he'll probably kick off in the Lion Brown Sprint there and back into the Australian Cup all being well", said Xcellent's trainer Mike Moroney.

Commenting on Xcellent's calm demeanour in the mounting yard, Moroney said:

"He was probably as relaxed as any horse there. Just look at the practice he's had. He's just got a laid back nature."

If anything Xcellent's habit of dropping out to near last cost him any chance of beating Makybe Diva.

"We were never going to get her because she had really just got away on us", said Moroney. "He just kept running on but he was never going to get her."

"I was really happy with his run. You always guess that he'll get the 3200 but we thought he'd get it."

"You'd have to say that in 6 months time he'll be that much more mature and in 12 months time he'll be better again."

Another runner whose trainer thought would be better next year was the fourth placed Leica Falcon.

Trainer Richard Freyer talked with jockey Kerrin McEvoy after the race and said:

"He was happy with the way he went. He said he'd be a better horse next year."

"We were just beaten by a better horse. He ran a good race."

Freyer conceded that things had not gone quite the way he would have liked.

"McEvoy said when he was on the inside, he wasn't liking the going there. He said he travelled better when he got him off the fence."

"He covered a lot of ground. We were three deep from the 1000 metres."

"We didn't get the breaks and you have to have a bit of luck."

Freyer was quietly happy with his horse's achievement considering that he only won his first city race 6 weeks ago.

"We'll go home happy. He's beaten 20 horses home and won $220,000."

With Makybe Diva out of the way, he is looking forward to having another crack at the Cup next year.

"As you say it's a long time away but we hope so."

Photo: Quentin Lang