The five-year-old was favourite to defend his title on Saturday and pushed all the way to come out on top under the guidance of jockey Silvestre de Sousa after Sir Michael Stoute’s Zaaki had looked poised to continue his winning run.
However, the joy of Beat The Bank’s success quickly turned to anguish when he was immediately taken away in a horse ambulance following the race.
It was later revealed that Beat The Bank had to be euthanised by vets at Ascot after suffering a complicated fracture.
Balding tweeted: ‘Tragically Beat The Bank suffered a fatal injury after winning the Summer Mile for the second year running.
‘He was such a brave horse and everyone at Kingsclere and King Power (Racing, owner) are heartbroken.
We will remember him forever.’