The 2026 Ultima Chase looks a typically deep and demanding puzzle, with JP McManus’s Jagwar and Iroko giving the race a clear focal point at the head of the market.
Behind them, a stack of unexposed chasers and proven handicappers line up for one of the most attritional tests of day one at Cheltenham.
The Ultima is always oversubscribed at entry stage, and this year’s final field of 22 feels bang in line with its reputation as the first big staying‑chase handicap of the week.
Connections of several leading contenders waited until late to firm up targets, but the decision to send both Jagwar and Iroko here has added serious depth to the top of the handicap.
Jagwar, in particular, has been the talking horse in the build‑up, with reports that he has had the upper hand over Iroko at home, helping to cement his place at the head of the betting.
Trained by Oliver Greenall and Josh Guerriero and ridden by Mark Walsh, he fits the profile of a progressive second‑season chaser stepping into a fierce handicap with more to offer, the type that has struck in this race before.
Iroko, from the same yard and carrying top weight, is not only the 2026 Grand National ante-post favourite, but brings established graded‑level form and valuable Festival experience, giving McManus a powerful one‑two at the front of the market.
Handstands sits just behind the pair in most lists, a lightly raced seven‑year‑old whose handicap form and upward curve at around this trip have seen him marked down as a major player by several analysts.
That blend of proven stamina, a relatively low mileage over fences, and a stable in form is a familiar recipe for Ultima contenders, and he looks set to be a key part of the early shape of the race.
2026 Ultima Chase Odds
*Odds from Betfred correct at time of publication.
| Horse | Jockey | Trainer | Odds |
|---|---|---|---|
| Jagwar | Mark Walsh | O Greenall & J Guerriero | 3/1 |
| Iroko | Jonjo O’Neill Jr. | O Greenall & J Guerriero | 7/1 |
| Myretown | D R Fox | L Russell & M Scudamore | 8/1 |
| Hyland | N de Boinville | N J Henderson | 9/1 |
| Quebecois | H Cobden | P F Nicholls | 9/1 |
| Johnnywho | R P McLernon | J & A O’Neill | 12/1 |
| Knight Of Allen | C Gethings | Mrs J Williams | 12/1 |
| Handstands | Ben Jones | B Pauling | 14/1 |
| Blow Your Wad | Freddie Mitchell | G & J Moore | 14/1 |
| Blaze The Way | Danny Mullins | Ms M Mullins | 16/1 |
| Leave Of Absence | Rex Dingle | A J Honeyball | 16/1 |
| Resplendent Grey | S Bowen | O Murphy | 18/1 |
| Konfusion | Callum Bewley | J Parkinson & S Smith | 20/1 |
| Imperial Saint | Callum Pritchard | P Hobbs & J White | 22/1 |
| The Short Go | Darragh O’Keeffe | H De Bromhead | 22/1 |
| Patter Merchant | Jack Kennedy | G Elliott | 28/1 |
| Search For Glory | James Smith | G Elliott | 40/1 |
| The Doyen Chief | Thomas Bellamy | A King | 40/1 |
| Filanderer | J J Burke | H Morrison | 40/1 |
| Margaret’s Legacy | Harry Bannister | W Greatrex | 66/1 |
| Eyed | Sam Twiston-Davies | H Morrison | 60/1 |
| Stolen Silver | Miss Olive Nicholls | G Nicholls | 100/1 |
JP McManus Saddles Three
McManus has long targeted the Festival handicaps with depth rather than just a single bullet, and 2026 is no different.
Jagwar is the one many expect to be playing his hand latest, having already shown he can travel and quicken in strongly‑run races.
Iroko brings a slightly different angle, with the top‑weight reflecting his achievements in higher‑grade races rather than unexposed potential.
Supporters will argue that class often counts in the Ultima, particularly if the ground turns testing and this becomes a war of attrition rather than a speed test off the bridle.
With Jonjo O’Neill Jr booked and a trainer‑combination who have handled Festival winners before, he has the tools to run a big race despite the burden he carries.
The presence of Johnnywho gives McManus yet another string to his bow, a horse who has shaped like a thorough stayer and whose handicap mark could underestimate his ability if he finds fluency at his fences.
If the pace collapses late, it would be no surprise to see more than one of the famous green‑and‑gold silks staying on into the frame.
Each-Way Value Alternatives
Recent runnings of the Ultima often reward those willing to look beyond the obvious, with double‑figure‑priced horses frequently hitting the frame and occasionally landing the prize.
Konfusion has been flagged by a number of tipsters as a serious each‑way player, having climbed the ranks in tough northern staying chases and arriving here on the back of a solid third behind fellow runner Imperial Saint at Haydock.
Quebecois is another who has caught the eye in the ante‑post and preview‑night chatter.
Paul Nicholls has reportedly mapped out this race for him for some time, and his blend of speed and proven ability could be a real asset on the Old Course.
Lower down the betting, a few names keep cropping up among seasoned judges. Knight Of Allen has been noted for his neat jumping and tidy attitude.
Filanderer and Eyed, while big prices, represent connections who place their horses carefully; both have hinted there could be more to come over staying trips.
Trends and Future Targets
As the first staying handicap chase of the Festival, the Ultima is notoriously tough to win, with 3m1f around the Old Course and 20 fences exposing any weakness in jumping, stamina, or temperament.
Trends over the last decade emphasise the importance of arriving in form, with most winners having finished in the first four on their previous start and typically running within the last couple of months.
Horses aged seven to nine have dominated recent renewals, often carrying somewhere between the mid‑10st and low‑11st range, although top‑weights have not been entirely ruled out.
The race has also developed a strong reputation as a stepping stone to bigger staying prizes. Corach Rambler is the most high‑profile recent example, winning back‑to‑back Ultimas in 2022 and 2023 before going on to Grand National glory in 2024.
Previous winners such as Royal Tan, West Tip, Seagram, and Rough Quest also used this race on the way to Aintree success, underlining how often Ultima form feeds directly into the following season’s top staying chases.
Back‑to‑back wins, though, remain extremely rare. Corach Rambler became only the fourth dual winner of the race when landing his second success.
Myretown, last year’s winner, now attempts to emulate that feat, but he must do so from a higher mark and after a more mixed season, underlining just how steep the climb can be for repeat seekers.
As the tapes rise on Tuesday afternoon, the Ultima will again serve as an early barometer of Festival form and an audition for future Grand National and Grade 1 staying‑chase contenders.
Whether the story of 2026 is one of McManus dominance, a Myretown sequel or a new name emerging from the pack at double‑figure odds, the winner will have earned every yard of it and may well be lining up for even bigger prizes in seasons to come.
BETFRED
