1811: three-year-old season
Phantom did not run as a two-year-old and made his first appearance in a Produce Sweepstakes on 15 April at Newmarket. He started favourite at odds of 1/3 but was beaten, finishing second to the filly Barrosa. Two weeks later, Barrosa finished second to the colt Trophonius in the 2000 Guineas.
On 30 May Phantom, ridden by Frank Buckle started at odds of 5/1 for the Derby in a field of sixteen runners, with the 2000 Guineas winner Trophonius being made 3/1 favourite. The early leaders were Wellington and an unnamed "Bangtail colt" who set a "very severe" pace from the start until halfway up the straight. Inside the last two furlongs Magic, the 7/1 third favourite ridden by Tom Carr, took the lead and Buckle produced Phantom with his challenge. In a "desperate" finish, Phantom caught Magic in the "very last stride" to win by a head, with Buckle riding "in his usual style of excellence." Shelley took a reported £9,000 in winning bets, a "marvellous" sum for the time.
At Ascot on 11 June Phantom ran in a one-mile Sweepstakes. He conceded five pounds in weight to two opponents and won by a neck from Wellington at odds of 4/7. Three days later at the same meeting, Shelley claimed 200 guineas when a colt by Giles was withdrawn from a scheduled match race against Phantom.
At the autumn meetings at Newmarket, Phantom was entered in a series of match races. At the Second October meeting Phantom was withdrawn from a match against Tumbler but raced against Truffle on 19 October. Starting 2/5 favourite, Phantom defeated Truffle very easily at level weights in a race "across the flat" (one and a quarter miles) to win a prize of 200 guineas. At the Newmarket Houghton meeting, Phantom had four engagements and ran twice, after being withdrawn from the Garden Stakes on the opening day. On 30 October he received ten pounds in weight from the six-year-old mare Morel, the 1808 Epsom Oaks winner, and defeated her "quite easy" in a 200 guinea match over the Abingdon Mile course. Later the same afternoon, Jolter, Phantom's scheduled opponent for a second match race was withdrawn, enabling Shelley to collect a further 200 guineas without running his colt. On the last day of the meeting, Phantom raced in a match for 500 guineas across the flat against the four-year-old Oporto. Phantom started the 1/3 favourite and successfully conceded ten pounds to his older rival.
Phantom's earnings for the season totalled £3,000.
