Attorney Craig Robertson and Clark Brewster, who represented the horse's owner, Amp Zedan, said more testing will be done to hopefully prove the betamethasone was from an ointment to treat a skin infection, not an injection.
Baffert is suspended from all three major race tracks in New York, including Belmont Park, which will host the Belmont Stakes on June 5.
Medina Spirit, the Kentucky Derby winner, finished third after a pivotal week that saw the horse test positive for banned substances.
"While we do not know definitively that this was the source of the alleged 21 picograms found in Medina Spirit's post-race blood sample, and our investigation is containing, I have been told by equine pharmacology experts that this could explain the test results," Baffert said.
The horse's trainer said that he "did not cheat to win the Kentucky Derby."
Will Bob Baffert's horse be allowed to compete after a positive drug test following the Kentucky Derby?
Medina Spirit won the 147th running of the Kentucky Derby on May 1 but later tested positive for the substance.
Medina Spirit tested positive for betamethasone after triumphing at Churchill Downs on May 1 and could be disqualified.
Medina Spirit tested positive for elevated levels of an anti-inflammatory steroid.
"If the findings are upheld, Medina Spirit's results in the Kentucky Derby will be invalidated and Mandaloun will be declared the winner," Churchill Downs said in a Sunday statement.
If the trainer's appeal is unsuccessful, Medina Spirit will be stripped of the prestigious Kentucky Derby crown and all money gained off the victory will be forfeited.
Jim McIngvale made history this weekend by betting $2.4 million on one horse at the Kentucky Derby. Then he made history by losing all of it.
Medina Spirit won the 147th Kentucky Derby on Saturday. Here are the final results from the first leg of horse racing's Triple Crown.
"Essential Quality" is the 2-1 favorite ahead of the 147th instalment of the Run for the Roses this Saturday.
Bring the spirit of the 2021 Kentucky Derby races into your home by donning your fanciest derby hat and raising a glass of this limited-edition Woodford Reserve bourbon in celebration.
The 147th Run for the Roses on Saturday will welcome back fans after having been held behind closed doors last year.
At the Kentucky Derby the horses will head to the track with their companion ponies, the unsung heroes of the sport, including Hot Rod Charlie who will be with 20-year-old Lava Man.
A year after the Derby was held behind closed doors, up to 48,000 fans will attend the Run for the Roses at Churchill Downs on Saturday.
At least $2 million would be placed on Essential Quality, who's the favorite to win Saturday at Churchill Downs.
Essential Quality, owned by Sheikh Mohammed bin Rashid Al Maktoum, might not make it out of the gate at Saturday's Kentucky Derby after renewed allegations that the ruler of Dubai, the horse's owner, abducted his own daughter.
Forecasters expect sunny weather and very little chance of rain for the running of the 146th Kentucky Derby on Saturday.
The 146th "Run for the Roses" takes place Saturday after a four-month delay because of the novel coronavirus pandemic.
Belmont Stakes winner "Tiz The Law" is the odds-on favorite to win the "Run for the Roses" this weekend.
Belmont Stakes winner Tiz The Law arrives at Churchill Downs as the favorite to win the second leg of the Triple Crown.
The Not F***ing Around Coalition pick "stategic date" of September 5 to once again demand justice for Breonna Taylor.
The U.S. Department of Labor released its weekly claims report on May 7, indicating that nearly 33 percent of Kentucky's workforce has filed for unemployment benefits in April.
The Kentucky Derby has been postponed until September, but new horse races are coming to Churchill Downs sooner than you might think.