The award is for horse of the year. This year. Blame will have finished this year 4 for 5 and won the BC Classic. Zenyatta will have finished the year 5 for 6 and finished second in the BC Classic. It's one of the wierdest statistical oddities I've ever seen that she won't ever win horse of the year but unfortunately that's the way it's going to shake out. Imagine you owned Blame. How would you feel if you beat one of the all time greats and they gave HOY to the horse you just beat. That would be totally unfair.
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