Melbourne Cup darling Michelle Payne set to make a return to the field for the race that stops a nation - but first she will need to impress billionaire Sheikh

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The fate of Michelle Payne rests on the shoulders of billionaire Sheikh Mohammed - whose horse Qewy is a decent chance of a Cup start

Jockey Michelle Payne won the hearts of the nation when she beat all odds to create history as the first ever female winner of the Melbourne Cup last year.

But as the race that stops a nation rapidly approaches for 2016, her hopes of even getting a start in the Cup rest on whether she tickles the fancy of a billionaire Sheikh.

Returning after a hefty stint off the racetrack due to injury, Payne now needs to impress Sheikh Mohammed, whose horse Qewy is a decent chance of a Cup start.

Sheikh Mohammed bin Rashid Al Maktoum is the Prime Minister of the United Arab Emirates and a keen equestrian. He also is the founder of the reputable Godolphin racing stable.

His family value as reported by Forbes in 2013 was a staggering $48.5 billion.

Michelle Payne made history in 2015 after becoming the first female jockey to win the Melbourne Cup, aboard Prince of Penzance. She is currently without a start for the 2016 Cup

Payne's best chance of securing a start at the Melbourne Cup is on the horse Qewy, owned by the Prime Minister of the United Arab Emirates (pictured)

Payne's manager Phillip Roost said that while Payne was not a front-runner to secure a spot with Qewy, her performance was certainly peaking at the ideal time.  

'She has ridden a few winners recently and she is hitting form at the right time,' Roost told the Daily Telegraph.

'If she doesn't ride in the Cup this year it's not the end of the world but if she got on Qewy that would be great and the hat is in the ring.'

But if Payne wants a chance at defending her title, she'll need to beat off approaches from jockeys including Craig Williams and Craig Newitt - who are both eyeing down a spot at Flemington Racecourse riding Qewy for the Melbourne Cup.

Against her odds is her serious lack of time spent on the racecourse this year, after she was sidelined for almost four months in May and required major surgery to her pancreas following a horror fall at a country track in Victoria.

Sheikh Mohammed is a keen equestrian and is the founder of the reputable Godolphin racing stable. His family value was reported to be worth $48.5 billion in 2013

Michelle Payne and brother Stephen celebrate after she won the 2015 Melbourne Cup at Flemington riding Prince of Penzance

Qewy is one of just 32 horses remaining in contention for a start in Australia's biggest race, of which 24 make the final cut and 16 have already been decided.

The final field for the Cup will not be announced until the Saturday evening before the race, which will take place on Tuesday November 1.  

This year's winning owner will pocket $3.6m in prize money, with racegoers also able to show off their style to claim the Myer Fashions on the Field title as part of Australia's largest and most illustrious outdoor fashion event.

Once-a-year punters can pick their horses based on a favourite name, the silk colours or even study the form, with the Melbourne Cup getting underway at 3pm.

Payne is not considered to be a front-runner to secure a spot with Qewy, but her manager is convinced her performance is peaking at the ideal time

Prince of Penzance, ridden by Michelle Payne, powered home to win the 2015 Melbourne Cup