He showed promise as a two-year-old before establishing himself as one of the best British colts of his generation in the following year when he won the Blue Riband Trial Stakes and finished third in The Derby.
He was from the first crop of foals sired by Northfields, an American horse whose biggest win came in the Louisiana Derby in 1971, before spending most of his stud career in Europe.
His other winners included Northjet, Northern Treasure (Irish 2,000 Guineas), No Pass No Sale (Poule d'Essai des Poulains) and North Stoke (Joe McGrath Memorial Stakes).
Oats' dam Arctic Lace finished third in the 1969 Irish 1,000 Guineas and was a granddaughter of Fair Alycia, whose other descendants included Bold Lad (IRE).
Ridden by Pat Eddery, he was in sixth place on the final turn and made steady progress in the straight without ever looking likely to win and finished third, beaten three lengths and a head by Empery and Relkino.
Ridden again by Eddery, he was under pressure throughout the closing stages, and although he made progress in the straight he narrowly failed to catch the Dick Hern-trained Smuggler.
In the St Leger Stakes at Doncaster Racecourse in September, Oats started the 6/1 co-favourite, alongside Crow and General Ironside.
[1] There was no International Classification of European two-year-olds in 1975: the official handicappers of Britain, Ireland and France compiled separate rankings for horses which competed in those countries.