Racing legend Bob Jane has been ordered to pay legal costs after a failed lawsuit against the company that bears his name.

Mr Jane, 83, sued the Bob Jane Corporation, now run by his son Rodney, for $2.9 million for what he claimed were unpaid debts.

But Victorian Supreme Court Justice Michael Sifris ruled that $2.4 million of the debt had been repaid, and the rest was a gift to Rodney.

Justice Sifris on Wednesday ordered Bob Jane to pay the company's legal costs.

The judge said it was a weak claim, but one that Bob Jane was legally entitled to make.