Bonanza Boy was sent off as favourite despite having finished well beaten in his two previous attempts at the race. Under Peter Scudamore the horse had previously won the Welsh Grand National at Chepstow in 1988 and '89 but had pulled up in the most recent renewal when partnered by Hywel Davies. When reunited with Scudamore, Bonanza Boy bounced back by winning the Ansell's National Handicap Chase at Uttoxeter three weeks before the National. Scudamore took the ride at Aintree and was, jointly with Chris Grant, the most experienced rider in the race, both taking their eleventh National mounts. The favourite was never in contention, being well to the rear on the first circuit and always just out of reach of the leaders on the second. He picked his way through tired horses to earn fifth place. Bonanza Boy returned for a fourth attempt at the National in 1992 but his best days were behind him and he failed to complete the course for the first time. He also lined up for a fifth and final time in the void race of 1993 and retired from racing in 1994 spending his days opening fetes and local events before dying in 2011 at the age of 30.^[5]

Garrison Savannah came to Aintree bidding to be only the second horse ever, and the first for over half a century to win the Cheltenham Gold Cup and Grand National in the same year. In partnership of Mark Pitman, son of trainer Jenny Pitman, the pair were well placed throughout and turned for home disputing the lead. At the penultimate fence the Cheltenham champion kicked on and built a lead of three lengths going to the final flight, which looked decisive when his lead increased after the fence but just as he approached the elbow the horse's stride shortened dramatically and he began virtually running on the spot to be caught in the final strides by the eventual winner. In defeat Garrison Savannah has often been cited in articles and television recollections of gallant National losers and in another ironic twist, his defeat is often likened to that of Crisp in 1973 when caught on the run in similar circumstances when being ridden by Pitman's father Richard. Pitman senior also had to recall his sons fate as a BBC reporter taking viewers through a rerun of the race. Garrison Savannah returned for three further attempts at the National, including the void race of 1993 but failed to repeat his performance of his first attempt. He however remains one of just two horses since the war to have won and finished second in chasings two major events in the same season. After a happy retirement, he died in 2005 at the age of twenty-two.

Rinus shared co second favourite spot with Garrison Savannah at 7/1, largely on the back of an impressive performance when finishing third in the previous year's race. In company of Neale Doughty, himself a winning rider in 1984 he was going very well, moving up to dispute the lead when he crashed through the twentieth fence and fell, being met with a huge gasp from the crowd in the stands. it proved to be the only time in ten attempts that Doughty had failed to complete the course.^[6]

Bigsun was another who had performed well in the National the previous year to finish sixth and with former winning rider Richard Dunwoody in the saddle, was well backed to improve on that at 9/1. They were in touch with the leaders and looking like they may be about to mount a serious challenge when a very bad mistake at Becher's Brook second time saw the horse come right down on his belly. Dunwoody somehow managed to stay on board but they had been brought to a complete standstill and any hope of victory was gone. They jumped another fence before Dunwoody pulled up with Bigsun having possibly pulled a muscle in the Becher's mistake.

Seagram was naturally popular among coincidence backers who noted the horse carried the name of the sponsors though his price of 12/1 had more to do with his recent victory in the Ritz Club Chase at Cheltenham. His detractors pointed to the horse being the smallest in the field as well as being partnered with the relatively inexperienced Nigel Hawke, one of fourteen riders making the National debut. Seagram was kept in mid division during the first circuit before moving into contention early on the second. Seagram was one of five disputing the lead after jumping the Canal turn but looked to have been beaten into second at the final flight before finding a second wind to streak past the tired Garrison Savannah in the final strides to win by five lengths. His rider Nigel Hawke admitted to being overawed by the attention victory brought and later claimed that he had settled for second place when jumping the final fence. Like many National winners, Seagram failed to achieve anything of note after his victory. He returned to tackle the Aintree fences twice more, once in the National and once in the Becher chase, failing to complete the course on either occasion. The horse, once described as easily bored, was eventually retired to the hunting field^[7] until his death in 1997, aged 17.^[8]

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^[1]

The BBC provided coverage of the race for the sixtieth time on Radio and for the thirty-second consecutive year on Television, with this year's race broadcast as part of a Grand National Grandstand special. The Television commentary team was unchanged for the twentieth consecutive year in John Hanmer, Julian Wilson and lead commentator, Peter O'Sullevan who was calling his forty-sixth Grand National.^[9] The race was broadcast live across the United Kingdom at 3.20pm.

Speaking in 1999, Hawke said of his victory: "It just all happened so quickly with Seagram that I couldn't really appreciate it. You never catch up with yourself. I wouldn't mind trying it again. I just happened to be on the right horse on the right day, which doesn't happen very often when you're a jockey. I found that out later."^[9]

• "Past Winners of The Grand National". Grand-national.net. Archived from the original on 4 November 2011. Retrieved 27 August 2014.