Million Dollar Legs (1932)

Looking to win back his girlfriend (Dorothea Kent), student Greg (John Hartley) decides the answer is to prove himself at sports -- without the help of his billionaire father (Thurston Hall), the college's biggest donor. Greg's pal Freddie (Peter Lind Hayes) suggests reviving the crew team, but the plan flounders for want of new equipment.

Then Freddie gets a hot tip on a horse race, and the long-shot win enables them to buy new gear, giving them a chance to beat the school's rivals.