Davids Lad will miss the Martell Cognac Grand National next Saturday after the Irish Supreme Court upheld a 42-day racing ban.
Davids Lad won the Irish Grand National in 2001
The four-strong Eddie Joe's syndicate have now accepted the six-week suspension handed to Davids Lad in February.
Mattie Lynch, one of the syndicate, said: "We have had no joy so it's no Aintree for us this year.
"It was a once in a lifetime shot but I suppose it could be worse and now we'd be looking at the Irish Grand National or maybe the attheraces Gold Cup."
Denis Egan, chief executive of the Irish Turf Club, said of the decision: "We are thrilled.
"Hopefully we will get the same result at the full hearing. It will be going to a full hearing at a date in the future."
The decision finally dashed the hopes of running the horse in the big race at Aintree on 5 April.
Davids Lad, who had been 14-1 second favourite for the Grand National, was suspended by stewards at Naas racecourse after finishing last in the Paddy & Helen Cox Memorial Newlands Chase.
The stewards' ruling that the race had been used as a schooling ground for the Tony Martin-trained gelding was accepted by the Irish Turf Club.
The nine-year-old's suspension will last until the day after the National.
One punter stands to lose his £25,000 stake if Davids Lad does not take part at Aintree.
The gambler placed an ante-post win bet on the horse and will forfeit his cash if it is a non-runner.