Network Ten will no longer air the Melbourne Cup, after pulling out of a three-way race between itself, Channel Seven, and Nine Entertainment.

This November’s event will mark the final broadcast in a five-year, $100 million deal that Channel Ten held.

Ten cited the “commercial constraints” of the deal as the reason it pulled out of the race.

“It became clear that the nature of the agreement between Tabcorp and the VRC would require a move towards a core racing and wagering-focused broadcast product,” a Ten spokesperson said.

“Given this likely change in focus combined with commercial constraints of the future agreement, Network 10 considered the preferences of its viewers and advertisers, and politely declined to move forward with the process.”

Part of Tabcorp’s sub-license, for which it paid roughly $25 million a year, will require the free-to-air network that end up with the Melbourne Cup rights to feature Tabcorp’s TAB brand as half of all betting advertising, and to integrate the TAB’s betting odds into their broadcast.