1980: two-year-old season

After finishing fourth over six furlongs on his debut, he recorded his first success in a minor race over seven furlongs at Haydock Park Racecourse in August, beating Baz Bombati by half a length. He was sent to Belgium where he won the Critérium International d'Ostende at Hippodrome Wellington. In September he was moved up in class to contest the Group Two Royal Lodge Stakes over one mile at Ascot Racecourse. He took the lead in the straight but was overtaken in the final furlong and finished fourth behind Robellino, Recitation and Gielgud. In October, Beldale Flutter started a 14/1^[6] outsider in a field of seven runners for the Group One William Hill Futurity over one mile at Doncaster Racecourse. Robellino started favourite ahead of Recitation, who had won the Grand Critérium in France, while the other fancied runners included Shergar, who had won his only previous start.^[7] Ridden by Pat Eddery, Beldale Flutter tracked the leader Sheer Grit before moving into the lead two furlong from the finish. He stayed on strongly in the closing stages and won by two lengths from Shergar, with Sheer Grit two and a half lengths back in third.^[3]

1981: three-year-old season

Beldale Flutter began his three-year-old season in the Greenham Stakes, a trial race for the 2000 Guineas, run over seven furlongs at Newbury Racecourse in April. He appeared to be less than fully fit and finished third behind Another Realm and Age Quod Agis. In the 2000 Guineas at Newmarket Racecourse on 2 May, he started the 10/1 fourth choice in the betting but was never in contention and finished fifteenth of the nineteen runners behind To-Agori-Mou.^[8] Beldale Flutter was then moved up in distance for the Dante Stakes over ten and half furlongs at York Racecourse in which he started at odds of 11/1.^[6] Ridden again by Eddery, he settled behind the leaders in a slowly run race before accelerating into the lead approaching the final furlong. He won "with plenty in hand"^[9] by three-quarters of a length from Shotgun, with Scintillating Air third and the favourite Kalaglow unplaced. Following his win at York, and reports of excellent performances in training, Beldale Flutter was promoted to second favourite for the Epsom Derby and was regarded as the only horse capable of challenging Shergar, who had been hugely impressive when recording wide-margin victories in the Sandown Classic Trial and the Chester Vase.^[10] A week before the Derby, Beldale Flutter threw his work rider and broke loose during training on the Long Hill gallop on Newmarket Heath.^[11] He collided with the champion sprinter Moorestyle^[12] before falling heavily on a road, sustaining serious injuries to his knee and ribs. His injuries kept him confined to his box for three weeks and ruled him out of the Derby.^[8] Jarvis later admitted that Beldale Flutter was unlikely to have beaten Shergar in the Derby, but said that, "it would still have been nice to finish second".^[10]

After a break of three months, Beldale Flutter returned in the Benson and Hedges Gold Cup at York, in which he was matched against older horses for the first time. He started at odds of 9/1^[6] in a field of nine runners, with the four-year-old Master Willie being made the 5/2 favourite. Lester Piggott set a steady pace on Kirtling, with Eddery settling Beldale Flutter in second. Beldale Flutter quickened into the lead a furlong from the finish and won by three-quarters of a length from Kirtling, with Master Willie another three-quarters of a length away in third.^[12] Beldale Flutter did not run again until October when he started at odds of 12/1 for the Prix de l'Arc de Triomphe at Longchamp Racecourse. He never threatened to get into contention and eventually finished twenty-third of the twenty-four runners behind Gold River. For his final race, Beldale Flutter was sent to the United States for the Washington, D.C. International Stakes at Laurel Park. He appeared unsuited by the firm ground and finished seventh of the ten runners behind Providential.^[8]