A gigantic offer for champion New Zealand mare Melody Belle has been rejected.

And that means the four-year-old — almost certain to be named New Zealand Horse of the Year — will race on next season.

Fortuna Syndications director John Galvin advised that Melody Belle was recently the subject of a $3.25 million offer to purchase her as a broodmare proposition.

However, after consultation between Galvin and syndicate members, the offer was declined

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"Clearly this was a very significant offer for our wonderful racemare presented by a genuine and well regarded Australian based breeding operation," said Galvin.

"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 racehorse by the NZ racing public and in what are difficult times for NZ Racing, any future success on the race track 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 race tracks here in NZ and Australia."