Prince of Penzance's Melbourne Cup win is one for the true believers.

The six-year-old's 50 or so owners kept the faith after the gelding went through two joint operations and major surgery to fix a twisted bowel caused by colic.

It was an unbelievable result for Mark Hall, a "very part-owner" with tears in his eyes.

"This was a fairytale right from the start," Hall told AAP.

"He wasn't given a chance, 100-1 and he's come out on top. What a story, fantastic.

"He's had a few injuries, he had a bout of colic and to come out today with the first female jockey winner of the Melbourne Cup is sensational."

A bunch of smaller owners make up the syndicate that race Prince Of Penzance along with Sandy McGregor and John Richards who each hold a 25 per cent stake in the horse.

"There could be 50 or 60 of them, I don't actually know how many but there's plenty," said McGregor, the managing owner.

"It's a Melbourne Cup for the true believers, this one."

Adrian Brown was among the many owners jumping up and down in the mounting yard after the win, barely able to contain themselves.

The Melbourne man has shares in a couple of other racehorses but Prince Of Penzance is his pride and joy and the horse who provided his lucky break as an owner.

"You have hope because hope's a good thing and you're starting like every other horse is and at the start you're all equal and you're in the race," Brown said.

"Strange things happen in sport. Don't give up hope - just believe and if you believe that's enough and see what happens."