An irate Hayes fronted media outlets on Cup morning after Racing Victoria veterinary surgeons ruled the horse was lame and could not compete on Tuesday afternoon.

Hayes maintained there was nothing wrong with the four-year-old and he should have been allowed to run.

The horse had had a well-publicised foot abscess but got over the issue more than a week before the Cup.

Stewards did not take kindly to the outburst and charged Hayes with insulting behaviour towards officials.

''This probably went right around the world,'' chief steward Terry Bailey said.

''You're one of our leading men and it won't be tolerated.''

Hayes pleaded guilty and said he would wear the fine but hoped it would highlight the process of vet inspections.

The trainer's own vets supported Hayes when he said the horse was sound.

AAP