July 19 (Reuters) - Churchill Downs on Friday said it had ended its suspension of Bob Baffert after the trainer took responsibility for the positive drug test of Medina Spirit, who finished first at the 2021 Kentucky Derby but was later disqualified.

Baffert was originally suspended for two years in the wake of the horse's positive tests for anti-inflammatory drug betamethasone and the ban had been extended through the end of 2024 until Baffert reversed course on Friday and admitted wrongdoing.

"I accept responsibility for Medina Spirit's positive test in the 2021 Kentucky Derby," Baffert said in a statement.

"I am responsible for any substance found in the horses that I train, and I have paid a very steep price with a three-year suspension and the disqualification of Medina Spirit's performance.

"I understand and appreciate that Churchill Downs and the Kentucky Horse Racing Commission took steps to enforce the rules that they believed were necessary to protect the safety and integrity of horse racing and the reputation of the Kentucky Derby."

Baffert, 71, is one of the most recognisable figures in the sport he has dominated.

Despite the disqualification of Medina Spirit, Baffert has still won the annual Run for the Roses a record six times.

The Hall of Famer also trained 2015 Triple Crown winner American Pharoah and 2018 Triple Crown winner Justify.

"I very much look forward to returning to Churchill Downs and getting back to the Winner's Circle," he said.

Medina Spirit collapsed and died after a workout at Santa Anita Park in December 2021. The dark bay colt was three years old.

Churchill Downs, which previously accused Baffert of not being honest about the positive test, said it would rescind the suspension immediately.

"We are satisfied that Mr. Baffert has taken responsibility for his actions, completed a substantial penalty and is committed to running in full compliance with the rules and regulations going forward," track owner Churchill Downs Incorporated ( CHDN ) said.

"All parties agree that it is time to bring this chapter to a close and focus on the future. Mr. Baffert is welcome to return to any of CDI's racetracks, including our flagship Churchill Downs Racetrack, and we wish him and his connections good luck in their future competitive endeavours."