Jockey John Velazquez, bottom left, watches as trainer Bob Baffert holds up the winner’s trophy after their victory with Medina Spirit in the Kentucky Derby held May 1 in Louisville, Ky. (AP file photo)

Baffert denied all wrongdoing and promised to be fully transparent with the Kentucky Horse Racing Commission during its investigation. Baffert’s barn received word Saturday that Medina Spirit had tested positive for an excessive amount of the steroid betamethasone, which is sometimes used to treat pain and inflammation in horses.

Medina Spirit’s win over Mandaloun in the Derby stands — for now.

“To be clear, if the findings are upheld, Medina Spirit’s results in the Kentucky Derby will be invalidated and Mandaloun will be declared the winner,” Churchill Downs officials said in a statement shortly after Baffert held a hastily planned morning news conference outside his barn to announce and respond to the allegations.

The track said failure to comply with the rules and medication protocols jeopardizes the safety of horses and jockeys, the sport’s integrity and the Derby’s reputation.

Trainer Bob Baffert hands the winner's trophy to jockey John Velazquez after their victory with Medina Spirit in the 147th running of the Kentucky Derby at Churchill Downs on May 1 in Louisville, Ky. (AP file photo)

“Churchill Downs will not tolerate it,” the statement read. “Given the seriousness of the alleged offense, Churchill Downs will immediately suspend Bob Baffert, the trainer of Medina Spirit, from entering any horses at Churchill Downs Racetrack.”

Medina Spirit is expected to run in the Preakness this Saturday, barring some abrupt change in plans or a decision from officials at Pimlico or Maryland’s racing commission that would prevent him from entering the second jewel of the Triple Crown.

Officials from 1/ST Racing, a branding arm of the Stronach Group that owns and operates Pimlico, and the Maryland Jockey Club said Sunday they would consult with state authorities and that “any decision regarding the entry of Medina Spirit in the 146th Preakness Stakes will be made after review of the facts.”

“I got the biggest gut-punch in racing for something that I didn’t do,” Baffert said of the failed drug test. “And it’s disturbing. It’s an injustice to the horse. … I don’t know what’s going on in racing right now, but there’s something not right.”

The only horse to be disqualified for medication after winning the Derby is Dancer’s Image in 1968.

Medina Spirit is Baffert’s fifth horse known to have failed a drug test in a year. Flanked by attorney Craig Robertson, Baffert said his barn was told that Medina Spirit was found to have 21 picograms of betamethasone — slightly more than double the allowable amount — in a post-race sample.

Betamethasone is the same drug that was found in the system of Gamine, another Baffert-trained horse who finished third in the Kentucky Oaks last September. Gamine was eventually disqualified from that finish because of that test and Baffert was fined $1,500.