Bob Baffert believes he's figured out why his Kentucky Derby winning horse Medina Spirit tested positive for a banned substance ... and it all may stem from a case of dermatitis.
As we previously reported, Medina Spirit popped for betamethasone in a post-race test ... begging the question, did Baffert cheat to win?
Bob issued a new statement Tuesday morning explaining why he believes MS tested positive ... and insists it has NOTHING to do with cheating.
Baffert says Mediina Spirit developed a skin condition called dermatitis following the Santa Anita Derby back in April .