The owners of champion New Zealand mare Melody Belle have knocked back a multi-million offer from Australia for her as a broodmare.

"The offer amount was NZ$3.25 million," Fortuna Syndications director John Galvin said.

Galvin put the offer to the syndicate members but it was unanimously declined.

"Clearly this was a very significant offer for our wonderful race mare, presented by a genuine and well regarded Australian-based breeding operation," Galvin told NZ Racing Desk.

"Accordingly, the offer was put in front of the 34 syndicate members for consideration. The outcome was that 100 per cent of the membership chose to decline the offer.

"Members felt very strongly that Melody Belle had yet to reach her potential as a racehorse and should be allowed to race on under the current ownership until such time as she was ready to retire from racing.

"Members also expressed the view that she was a well-loved race horse by the New Zealand racing public and in what are difficult times for New Zealand racing, any future success on the racetrack would boost the profile and spirits of thoroughbred racing in New Zealand.

"As syndicate manager, I was humbled by this response from our members and very pleased that she will continue to grace racetracks here in New Zealand and Australia."

The Jamie Richards-trained Melody Belle has won five of her Group One races this eason and is all but guaranteed the title of New Zealand Horse of the Year.