It took place on 4 May 1780 on Epsom Downs in Surrey,[2] England, and was won by Diomed, owned by Sir Charles Bunbury and ridden by Sam Arnull.

Accordingly, a post-race celebration was held by Lord Derby, at which it was decided to hold another new race for both colts and fillies the following year.

According to legend, the matter was settled in Derby's favour on the toss of a coin, although it seems likely that Bunbury actually deferred to his host.

Also in the field was Diomed, which in his only outing so far had won a 500 guineas sweepstake at the Second Newmarket Spring meeting, carrying 8 stone.

[citation needed] The victory proved to be the high water mark of Diomed's racing career.

[9] He was beaten for the first time in the Nottingham Stakes by Fortitude owned by Lord Grosvenor, a race he was fully expected to win.

[5][7] Diomed was in fact to win only once more before being put out to stud, where after initial problems he became tremendously successful, especially in the United States where he founded many important families.

Boudrow's owner, Dennis O'Kelly, would not have to wait long for his first Derby win, Young Eclipse triumphing the following year.