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Saratoga Springs, N.Y. • The day after American Pharoah won the Belmont Stakes and became the first Triple Crown winner in 37 years, trainer Bob Baffert already was leery of Saratoga in the summer.

He had every reason to be, and now American Pharoah may have run his last race.

The track lived up to its reputation as the "Graveyard of Favorites" when 16-1 long shot Keen Ice held off American Pharoah by three-quarters of a length in a result that seems almost unfathomable.

"I feel bad for the horse getting beat like that," a disappointed trainer Bob Baffert said. "You can tell he wasn't on his 'A' game. Pharoah tried very hard. He didn't have the power he usually has.

"But we saw the last three-eighths was just guts and glory."

Ahmed Zayat, the outspoken owner of American Pharoah, was emotional after the loss and made strong hints this may have been his brilliant colt's final race.

"You have to comment to yourself, OK, is the show over?" Zayat asked about 20 minutes after the race. "Is it the time?"

Then, he said, he told his family, "My gut feeling right now, without being outspoken, is to retire. It's to say we had a Triple Crown champion."

American Pharoah made a clean break at the start, but was stalked, then passed, by Frosted with about a quarter-mile to go. That's when Keen Ice and jockey Javier Castellano swept into the lead. American Pharoah fought back, but was unable to muster the extra energy he usually finds and was beaten to wire.

"He put in a brave run, but it wasn't good enough," Zayat said of his colt's first loss after eight straight magnificent victories. "We are very accustomed to him running incredibly good."

Only one of 12 Triple Crown winners has been able to go on and win the Travers — Whirlaway in 1941.

The Spa has been the scene of many racing upsets, including losses by two other Triple Crown winners — Gallant Fox to 100-1 shot Jim Dandy in the 1930 Travers and Secretariat to Onion in the 1973 Whitney Handicap. In addition, Upset handed the great Man o' War his only loss of his 21-race career in the 1919 Sanford Stakes.