Ben Crane (KURT RUSSELL) is a veteran horse trainer who's sold off most of his family's horse farm but still works for Everett Palmer (DAVID MORSE) at the local track. Much to the chagrin of his wife, Lily (ELISABETH SHUE), Ben has little time for their young daughter, Cale (DAKOTA FANNING), and certainly doesn't want his estranged horseman father, Pop (KRIS KRISTOFFERSON), who still lives next door to them, giving her any ideas of getting into the horse racing business.
That all changes when Palmer overrules Ben regarding the race status of Soņador and enters the promising filly in a race during which the horse goes down, spilling her jockey and breaking her leg. Palmer orders that she be put down right there, but Ben doesn't want Cale to see that, and later reconsiders that altogether.
That prompts Palmer to fire him, but rather than take his severance pay, Ben takes the horse with hopes of breeding her with another champion and then selling the offspring. That's a promising enough plan to convince his track workers Balon (LUIZ GUZMAN) and former jockey Manolin (FREDDY RODRIGUEZ) to join him in nursing the horse, now known as Sonya, back to health.
Yet, when the breeding plan falls through, they go for broke with their last ditch effort of getting the filly back into racing form. With their hard work from all around, and the financial help of investor Prince Sadir (ODED FEHR), Ben bets the farm on making the horse a contender in the upcoming Breeders' Cup Classic.