Irish eight-year-old gelding Twilight Payment has taken out the 2020 Melbourne Cup, with owner Lloyd Williams taking home the trophy.

Favourite Tiger Moth and Barrier 1’s Prince Of Arran took out second and third place respectively.

Jockey Jye McNeil rode Twilight Payment to victory, and told Jim Wilson he “couldn’t be happier with the outcome”.

“I have to keep reminding myself, because it just hasn’t sunk in yet.”

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Part-owner Michael Gudinski celebrated his third Cup victory.

“I am living the dream!” he told Jim.

“It was an amazing thing, it hasn’t been done that often that a horse leads like that.

“How great was it for a kid that’s never ridden in the Cup before.

“I was with Nick Williams, he burst into tears, he lives and breathes it with his father.”

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Image: Brett Holburt/Racing Photos via Getty Images