Controversially, and against the wishes of the trainer, Tony Mullins was replaced for the Gold Cup by the top jockey of the time, Jonjo O'Neill. On the day, Dawn Run started hot favourite. O'Neill set her out in front to make the running as usual, but she was harried throughout the first circuit by Run and Skip. Unsettled by the attention, Dawn Run made a bad mistake at the water jump and lost two lengths and her momentum. She won back the lead at the next fence but made another bad mistake at the last ditch and was clearly under pressure as the field made their way down hill to the third last. At this stage, there were only four horses in contention: Dawn Run, Run and Skip, the previous year's Gold Cup winner Forgive ´n Forget, and Wayward Lad, who had won the King George VI Chase three times. As Dawn Run led the field into the straight with just two fences and the uphill finish ahead of them, a huge cheer went up from the crowd, but Wayward Lad and Forgive ´n Forget swept past the mare. O'Neill drove her up to the second last and got such a response that she landed in front. It appeared to be a futile effort, however, as Wayward Lad regained the lead coming to the last fence, pressed by Forgive ´n Forget with Dawn Run struggling in third. About a hundred yards out, Wayward Lad began to hang to the left as his stamina started to give out. O'Neill switched Dawn Run to the outside, and they raced past Forgive ´n Forget and cut into Wayward Lad's lead. Yards from the finish, they caught him and passed the post three quarters of a length ahead. They had won in record time. The huge crowd then invaded the winners' enclosure to join in the celebrations.