Chasing his maiden Cup triumph on one of the leading pre-race favourites, the former Bathurst apprentice jockey brought Anthony Van Dyck into the final turn sitting inside the top 10 along the rail.

As he began to straighten for the run home Anthony Van Dyck's front left leg gave out and Bowman was quick to pull his runner up at the 400 metre mark, where he was loaded into an ambulance post-race.

Around half an hour after the race it was confirmed that Anthony Van Dyck had been euthanised due to the injury.

The race was taken out by Twilight Payment and jockey Jye McNeil, who gave trainer Joseph O'Brien has second Melbourne Cup after Rekindling took out the 2017 edition.

Twilight Payment produced a performance reminiscent of the great Might And Power's 1997 success, leading throughout almost the entire trip to take the prize.

"I had to be positive because he was a little bit slow into gear to jump with them," McNeil said in his post-race interview.

"He was a touch slow to really find his rhythm and I encouraged him to go forward because that was the plan and then he just found such a lovely tempo. He got into a fantastic rhythm, breathing really well.

"Then it was a matter of just ramping the tempo up at the right stage. I'm just glad it all worked out."

With 400 metres left to run, Twilight Payment continued to give the field something to chase after he'd stretched the field out.

Finche couldn't keep pace with the leader and that left the race's youngster Tiger Moth to try and reel back the three length margin with 200m remaining.

He got close but Twilight Payment held on by a half length to claim a bold victory.

Prince Of Arran flew home with a head full of steam to finish just a length away in third while The Chosen One won the battle for fourth in a photo finish over Persan.

Anthony Van Dyck's death follows other Cup losses over the past decade Verema (2013), Admire Rakti (2014), Red Cadeaux (2015) and Regal Monarch (2016).