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Racing News |
Is the Party Over?
02/12/09
The last week few days have seen some memorable events in the world of racing, writes Elliot Slater.
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Denman's heroic effort in the Hennessey Gold Cup at Newbury on Saturday was the kind of performance that makes the hairs stand upon the back of your neck as you instinctively know you've seen a flash of true brilliance. There are those who say that it could be one of the greatest weight carrying performances at the highest level since the halcyon days of the legend that is Arkle. I wouldn't argue with them.
Big Bucks looked awesome in demolishing a quality field in the Long Distance Hurdle, and Go Native burst onto the Champion Hurdle scene taking the Fighting Fifth at Newcastle in great style.
Thousands of miles away on the other side of the world, it took the judge ten minutes to determine that Asian legend Vodka had indeed prevailed by the shortest of short heads to land a pulsating Japan Cup on her final racecourse appearance. Racing fans in the 'Land of the Rising Sun' insist that the mare is one of the greatest ever.
But the most significant event, one that could shake the racing world to its very foundations, was (and still is) the perceived collapse of the dream that is Dubai.
Sheik Mohammed has been the driving force and inspiration behind the creation of a world playground, the like of which has never been seen before. The man who has become one of the most instantly recognisable figures in the racing world has some very, very serious problems on his hands now. It appears that even financial guarantees from the UAE Bank have done little to calm the fears of a world already punch-drunk after the financial bloodbath that has engulfed nations across the globe.
Since 1977, when Hatta became the Sheik's first thoroughbred winner (storming to victory at lowly Brighton), the ruler of the Kingdom of Dubai has cemented his position as one of the most significant investors in racehorses and bloodstock in the history of the sport.
Until last week, no-one could imagine that the Sheik's dominance of international racing could falter. Now, with the near collapse of Dubai World (the principal power behind the astounding development of Dubai itself), and with the company announcing major problems in repaying debt of a breathtaking $60 billion, serious questions are being asked in the racing community as to whether or not the Sheik and his fellow Dubaian bloodstock investors can continue their support of the sport.
Should the 'Boys from Dubai' pack their bags and head back to the desert, the repercussions for horse racing would be dire. There is no doubt that an already fragile bloodstock market could be forced to the verge of collapse; Sheik Mohammed's Godolphin empire and his extended family have pumped billions of dollars into breeding and racing horses and are often the bidders who take home the best bred horses and keep the market buoyant.
Sponsorship of racing could be badly hit resulting in a drop in prize money, and then there's Meydan, the new racecourse due to open shortly ahead of staging the Dubai World Cup in mid-winter. The course and its facilities have cost a staggering $2 billion! Are the funds there to keep the show on the road?
The next few days and weeks will be a jittery time for everyone connected with the racing industry across the world. If the Sheik pulls out there is good reason to believe the industry as a whole could plummet out of control into an alarming downward spiral; which could even affect the beloved Aintree Grand National.
Let's hope for everyone's sake that things don't prove to be quite as bad as they seem.
