[1] He was from the first crop of foals sired by Walton, a stallion bought by Shelley in 1804 and based at Boroughbridge in Yorkshire at the time of Phantom's conception.

On 30 May Phantom, ridden by Frank Buckle started at odds of 5/1 for the Derby in a field of sixteen runners, with the 2000 Guineas winner Trophonius being made 3/1 favourite.

Inside the last two furlongs Magic, the 7/1 third favourite ridden by Tom Carr, took the lead and Buckle produced Phantom with his challenge.

In a "desperate"[4] finish, Phantom caught Magic in the "very last stride" to win by a head, with Buckle riding "in his usual style of excellence.

Starting 2/5 favourite, Phantom defeated Truffle very easily[11] at level weights in a race "across the flat" (one and a quarter miles) to win a prize of 200 guineas.

On 30 October he received ten pounds in weight from the six-year-old mare Morel, the 1808 Epsom Oaks winner, and defeated her "quite easy"[13] in a 200 guinea match over the Abingdon Mile course.

Later the same afternoon, Jolter, Phantom's scheduled opponent for a second match race was withdrawn, enabling Shelley to collect a further 200 guineas without running his colt.

On 19 April, the opening day of the Newmarket Craven meeting, he was beaten at level weights by Soothsayer in a 500 guinea match race.

[20] In the summer of 1813 a painting of Phantom by James Ward R. A. was part of an exhibition of sporting subjects at the Royal Academy,[21] and was considered one of the artist's more successful equine portraits.

His most influential offspring was the filly Cobweb who won the 1824 Epsom Oaks and went on to produce the Derby and St Leger winner Bay Middleton.