The 140^th Kentucky Derby is nearing and will take place on May 3, 2014. The oldest running derby in the world takes place every first Saturday of May, and gates will be opened at 8 a.m. EST with the first race starting at 10:30 a.m. EST.

NBC Sports Network is the official media partner of the Kentucky Derby and has recently signed a 10-year contract to cover the event until 2025.

This year's racing event is graced by several media organizations as well as notable personalities such as Olympic stars Johnny Weird and Tara Lipinski who will act as fashion analysts.

The race will be preceded by a red carpet presentation at 4 p.m. EST.

People are starting to bet on their favorites including Santa Anita's Derby champ California Chrome with 7/4 odds. Among the favorite horses are Wicked Strong, Dance with Fate, Samraat, Danza, and Hopperunity.

For a detailed list of schedules, check out 2014 Kentucky Derby here.

TwinSpires TV will also be hosting the online preview of the event. Visit their website to stay on top of their online coverage.

Here is the full post time schedule listing:

Race Post Time (ET)
1 10:30 a.m.
2 11:01 a.m.
3 11:31 a.m.
4 12:04 p.m.
5 12:38 p.m.
6 Churchill Distaff Turf Mile 1:19 p.m.
7 Humana Distaff 2:08 p.m.
8 American Turf 2:59 p.m.
9 Churchill Downs 3:46 p.m.
10 Woodford Reserve Turf Classic 4:44 p.m.
11 Kentucky Derby 6:24 p.m.
12 7:20 p.m.
13 7:50 p.m.

If you are still undecided who the winner will be and who you will be cheering on, watch this video analysis.