Bred by Edward A. Seltzer, he was purchased for $625,000 at the 1983 Keeneland July Selected Yearling sale by trainer D. Wayne Lukas for his client, Eugene Klein.
[citation needed] At age two, Tank's Prospect won his first start, a six-furlong race at California's Santa Anita Park.
Ridden by Pat Day, he caught the favorite, Chief's Crown, close to the finish and won by a head.
[5] In the third leg of the Triple Crown, Tank's Prospect broke down at the top of the stretch in the Belmont Stakes and did not finish the race.
Tank's Prospect was standing at Venture Farms in Aubrey, Texas, when he died on March 2, 1995, from a ruptured arterial blood vessel.