The field for the Florida Derby picked up one horse and lost another on Tuesday.

Hofburg, a sharp maiden winner at Gulfstream Park on March 3, will step into the deep end of the pool on Saturday when he runs in the Grade 1, $1 million Florida Derby, trainer Bill Mott told Gulfstream publicity on Tuesday.

Meanwhile, Speed Franco, who had been listed as a probable Florida Derby starter will instead run in the Cutler Bay Stakes on the turf on the undercard, according to trainer Gustavo Delgado

Hofburg, a son of Tapit and a half-brother to the Grade 1 winner Emollient, won a 1 1-16-mile maiden race from post 11 on March 3, the same day that Promises Fulfilled won the Grade 2 Fountain of Youth. Hofburg ran 1 1-16 miles in 1:45.54 while Promises Fulfilled covered the same distance in 1:44.17.

"It's a big reach, but looking at what's probably available for him we just thought it was worth taking a chance with him," Mott said. "We've always regarded him pretty well and thought we'd give it a try."

Hofburg made his debut last September at Saratoga, finishing fourth in a seven-furlong maiden race. He didn't run again for six months.

"We don't have a lot of seasoning in us, but the one good thing is we did have a race last [September] at Saratoga and he ran really well. He had time off after that race, and his race here was very good. It was over the racetrack, he had a wide trip and came out a winner."

Jose Ortiz, aboard for the maiden win, will be aboard Hofburg in the Florida Derby.

Ortiz will also be aboard Speed Franco in the Cutler Bay. Speed Franco has raced exclusively on turf, winning twice in five starts including the Pulpit Stakes and the Grade 3 Dania Beach. He was beaten a neck by Maraud in the Grade 3 Palm Beach Stakes on March 3.

Entries will be taken on post positions drawn for the Florida Derby on Wednesday at 11:30 a.m. at Frankey's Sports Bar in the Village at Gulfstream Park.

Expected to enter are Audible, Catholic Boy, Millionaire Runner, Mississippi, Promises Fulfilled, Storm Runner, Strike Power and Tip Sheet.