The Australian Racing Board (ARB) is looking into a report that a yearling sold at last month’s Magic Millions Gold Coast sale in Queensland has tested positive for anabolic steroids.

The Sydney Herald Sun reported the positive test and said it is the first since the ARB banned steroids in May 2014. Under that ban, a horse testing positive for steroids is prohibited from competition for one year and the person(s) administering them banned two years.

"There have been unsubstantiated media reports today that a sample taken at the recent Magic Millions yearling sale has proved positive for anabolic steroids," the ARB said in a statement. "Whilst an inquiry into a substance is under way by Racing Queensland, it is not yet confirmed that it is an anabolic steroid. The ARB, at the request of Racing Queensland, has sought expert advice as to the nature of the substance.

"Until the results are known, I would caution against any speculation, let alone assumption, that the substance is an anabolic steroid until further inquiries are completed