Melbourne Cup winner and Australia's most popular horse Subzero dies age 32

Australian racing legend Subzero, the 1992 – and possibly most popular – Melbourne Cup winner, has died at 32.

He survived just two months after his great mate and long-time carer Graham Salisbury died in June after a long battle with cancer.

The pair paraded horseracing to a range of generations with visits to schools and nursing homes and were one of Australian racing's great ambassadors.

Racing Victoria and the Victoria Racing Club led the tributes to Subzero, who was euthanised after suffering heart failure.

"It is with a heavy heart that Racing Victoria acknowledges the passing of one of Australia's most famous and popular racehorses, Subzero, at the age of 32," RV said in a statement.

"The 1992 Melbourne Cup winner, known affectionately as 'Subbie', was humanely euthanised by veterinarians at the Bendigo Equine Hospital after battling ill health in recent days.

"His passing comes a little over two months after the sad loss of his best mate and owner Graham Salisbury after a long-term illness."

Graham Salisbury leads 1992 Melbourne Cup winner Subzero around the mounting yard before leading the field out for the Subzero ChallengeCredit: Christian Wright

RV chief executive Giles Thompson said: "This is another incredibly sad day for all within the Victorian racing industry as we learn of the passing of everyone's favourite horse, Subzero.

"Subbie's contribution to the sport on and off the track was incredible and thoroughbred racing will forever be indebted to a horse that touched the hearts of both racing fans and everyday Australians.

"As a Melbourne Cup winner he became a household name, but it was his work in retirement that earned him legendary status.

"Subbie was racing's most famous equine ambassador and we were privileged to have had him headline our 'Subzero Goes to School' program for many years travelling to every corner of the state and beyond.

"Many youngsters have grown up having only had the chance to meet and pat one horse. That horse was Subbie and the laughter that emanated from those kids when Subbie nodded his head to a question of whether he had a girlfriend is something that will live long with many of us.

"From schoolchildren to the elderly, those battling ill health to Hollywood A-listers, Subbie and Graham did plenty to bring joy to their lives whilst promoting the sport of thoroughbred racing at the same time.

"When the time is right, we will have a discussion with the Salisbury family and our clubs about an appropriate tribute to Subzero.

"In the meantime, we send our thoughts and best wishes to Anita and the Salisbury family."

Subzero's name will be long remembered at Flemington with the race for greys run during the Melbourne Cup Carnival, which is called the Off The Track Subzero Handicap.

VRC chairman Amanda Elliott said: "There can be no better example of the friendship and love between a man and horse than Graham Salisbury and Subzero.

"Together they brought joy and happiness to so many, from racing fans of all ages to the wider general public, who had never even seen Subbie race.

"Sadly, we lost Graham a few months ago and there is no doubt in my mind that Subbie, at the ripe old age of 32 years old, wanted to be where Graham is."