As someone who raced about 75 horses that he himself bred, let me pitch in with what is more than an idea about the failure to race as a 2 year old. If they don't make it to the races before they turn 3 it's usually because they had some sort of 'problem' as a 2year old. Most of the problems were in the legs and for most of them they were able to grow out of the problem.

So do you really want to bet on a horse like that in a race like this?