Master Oats was a chestnut horse with a narrow white stripe[1] bred by Robin and Scarlett Knipe at the Cobhall Court Stud near Allensmore in Herefordshire.

He was sired by Oats, a successful National Hunt stallion whose other progeny included the Champion Hurdle winner Flakey Dove.

Throughout his racing career, Master Oats suffered from a tendency to break blood vessels under stress, and therefore had to be trained with unusual care.

In late December he won a similar event at Huntingdon Racecourse by twelve lengths under top weight of 165 pounds and then finished second at Wincanton in January.

Williamson sent Master Oats into the lead four fences from the finish and the gelding "turned the race into a procession" (according to The Independent)[6] staying on strongly on the soft ground to win by fifteen lengths.

[7] At Aintree Racecourse on 9 April, Master Oats started third favourite of the thirty-six runners in the 1994 Grand National at odds of 9/1, and was expected to be ideally suited by the heavy ground.

On New Year's Eve Master Oats started 5/2 joint favourite for the Welsh National over three and three quarter miles on heavy ground.

On his first appearance at the course, Master Oats went clear of his opponents two fences from the finish and won by fifteen lengths from the mare Dubacilla with Barton Bank third.

[14] Following this race Timeform rated Master Oats as the best long-distance chaser in training by a margin of six pounds and described him as looking "all over a Gold Cup winner".

In the Cheltenham Gold Cup he was reopposed by Barton Bank, Dubacilla, Young Hustler and Miinnehoma, but his biggest rival in the betting was Jodami who had won the race in 1993 and finished second to The Fellow in 1994.

[16] Master Oats jumped poorly in the early stages but recovered to take the lead two fences out, overtaking the Irish challenger Merry Gale.

Williamson positioned the gelding on the far outside of the field and moved forward into second place behind the eventual winner Royal Athlete at Becher's Brook on the second circuit.

[21] He finished a distant third to One Man in the King George VI Chase at Sandown Park in January 1996 and second to Imperial Call when favourite for the Hennessy Gold Cup a month later.