Complex sentence: He became the first grey to win the Melbourne Cup since Subzero in 1992 and the first horse since Phar Lap to win the Melbourne Cup the year after winning the Victoria Derby.
Split into simpler sentences: He became the first grey to win the Melbourne Cup since Subzero in 1992. In winning the Melbourne Cup, Efficient became the first horse since Phar Lap to win the Melbourne Cup the year after winning the Victoria Derby.