Slip Anchor, was a "tall, rangy"[2] bay horse with an irregular white star on his forehead in the shape of a lightning bolt.

Slip Anchor was sent into training with Henry Cecil at his Warren Place stable in Newmarket and was ridden in all of his major races by the American jockey Steve Cauthen.

In October, he ran in a ten furlong race at Nottingham Racecourse, and, despite showing inexperience ("running green"), he won by four lengths from Rushad.

Cecil had not regarded the colt particularly highly and treated the event as an easy opportunity to win a Group race, but Slip Anchor led from the start and won by ten lengths from Lord Grundy to establish himself as a leading contender for the Epsom Deby.

[2] At Epsom on 5 June, Slip Anchor started the 9/4 favourite for the Derby, ahead of 2000 Guineas winner Shadeed and the Irish-trained colts Law Society and Theatrical.

[5] Cauthen sent Slip Anchor into the lead from the start and maintained a slight advantage until halfway when he accelerated clear of his thirteen opponents.

"[7] After the Derby, Slip Anchor sustained an injury to his left foreleg in training and missed an intended run in the King George VI and Queen Elizabeth Stakes at Ascot Racecourse in July (won by Petoski).

[8] On his final appearance of the season, Slip Anchor was brought back in distance to contest the Champion Stakes over ten furlongs at Newmarket on 19 October.