LOUISVILLE, Ky. -- Churchill Downs has rescinded its extended suspension of Bob Baffert, allowing the Hall of Fame trainer to resume racing his horses at the historic track and partner facilities after more than three years of banishment for a failed drug test of 2021 Kentucky Derby winner Medina Spirit.

The stunning announcement came Friday after Baffert issued a statement in which he took responsibility for now-deceased colt Medina Spirit's failed drug test after crossing the finish line in the 147th Kentucky Derby in May 2021. Kentucky racing stewards ultimately disqualified Medina Spirit the following winter, and Churchill Downs elevated runner-up Mandaloun to Derby winner.

Churchill Downs said in a release that it was satisfied for Baffert taking responsibility while completing the penalty and committing to compliance.

"All parties agree that it is time to bring this chapter to a close and focus on the future," the release added. "Baffert is welcome to return to any of CDI's racetracks, including our flagship Churchill Downs Racetrack, and we wish him and his connections good luck in their future competitive endeavors," Churchill Downs Inc. CEO Bill Carstanjen said in the statement.

Baffert frequently criticized the ban and had unsuccessfully sued Churchill Downs, which last year extended the ban to the end of 2024 for subsequent criticism. Medina Spirit's owner, Amr Zedan, had sued for the trainer's discipline to end this spring in an effort to get his horse into the 150th Derby.

In accepting responsibility, Baffert acknowledged that he had paid a "very steep price" with the suspension and disqualification while assuming responsibility for substances in any horses that he trains. He also said he appreciated that the track and the Kentucky Horse Racing Commission enforcing the rules believed necessary to protect the safety and integrity of horse racing and the reputation of the Kentucky Derby.

"My family and I want to put this behind us and get back to doing what we love to do without anymore distraction or negativity," Baffert added. "I very much look forward to returning to Churchill Downs and getting back to the Winner's Circle."