The highly respected former Murrumbidgee Turf Club vice-chairman yesterday admitted there was "no way" he would have accepted the offer, following a decision to sell a previous champion that cost him a Melbourne Cup victory.

Towzell bought December Draw last year in partnership with well-known racing identity Richard Pegum.

"We were actually offered a substantial amount of money for December Draw on Monday but we turned it down," he said. "The reason was pretty simple. I actually owned Just A Dash which won the Melbourne Cup in 1981. I sold the horse and it went on to win the Melbourne Cup. I've sold one before; I certainly wasn't doing it again."

December Draw has been at the centre of intense interest in recent weeks, as the Victorian-trained horse moves closer to securing a place in the Caulfield Cup. With three wins and a second place from just four starts in Australia, December Draw has even attracted Melbourne Cup predictions.

The incredible hype surrounding December Draw has shocked Towzell, with the long-time horse owner surprised to see such strong interest in a horse "not yet in the cup".

"I have been absolutely astounded by the hype around December Draw," he said.

"This is a horse that isn't even in the cup yet.

"A horse that still has a very long way to go before it is. The interest has honestly been nothing short of incredible."

While admitting a Caulfield Cup runner would fulfil a life ambition, Towzell is refusing to let the hype overshadow the task ahead of December Draw.

Towzell knows December Draw is among 117 first declarations, so it is a race against the odds to make the field.

"We have two races coming up that would guarantee us automatic entry so we would miss the ballot," he said.