It was a case of "so near yet so far" as Give The Slip and Persian Punch had to settle for places behind New Zealand mare Ethereal in a dramatic climax to the Tooheys New Melbourne Cup at cold and damp Flemington in the early hours of yesterday morning.

It was a case of deja vu for connections of 30 to 1 outsider Give The Slip, with shades of Central Park's defeat by Rogan Josh two years ago. As in 1999, the Godolphin blue colours worn by jockey Richard Hills were at the head of affairs almost throughout the two-mile showpiece but were cruelly swept aside by the late surge of the 9 to 1 winner who got up to win by three quarters of a length.

Persian Punch's owner Jeff Smith and trainer David Elsworth also suffered the same fate in 1998 when their charge had to settle for third place - beaten another six lengths this time.

Ethereal's trainer Sheila Laxon - the first woman to train a Melbourne Cup winner - was born in Pontypridd, Wales. Her husband Laurie won the race with Empire Rose in 1988.

There were no excuses from Hills despite the disappointment of seeing victory snatched away. "The better horse won," Hills admitted. "She gave me 10 lengths start and beat me so she had to be the best. My horse was just a bit keen and anxious going down the back of the course and I had to hold him together. But he's run such a brave race."

Meanwhile, Godolphin have announced that Fantastic Light will miss the Japan Cup and will be retired to Sheikh Mohammed's Dalham Hall Stud in Newmarket.

The five-year-old son of Rahy had a fabulous campaign this season, including impressive Group One wins in the Breeders' Cup Turf, Irish Champion Stakes and Prince of Wales's Stakes.

His latest success came just last month when he captured the Breeders' Cup Turf at Belmont Park, New York, in a course record time.