Sports Illustrated sent William Faulkner to cover the Kentucky Derby in 1955. The following is from the May 1955 Sports Illustrated. Faulkner wrote the color story. Someone else wrote the regular sports story.
http://sportsillustrated.cnn.com/vault/article/magazine/MAG1129634/index.htm
And the link below is to a piece by the SI writer who went with him. It is very good. Don't miss it.
http://sportsillustrated.cnn.com/vault/article/magazine/MAG1064766/index.htm
And the link below contains a video of the race and more on Faulkner at the Derby in 1955.
http://www.heraldleaderphoto.com/derby/2009/05/01/faulkner-yes-william-once-captured-derbys-essence-in-prose/