Leave it to the Financial Times to get to the heart of the potential real impact of the Dubacle: the effect on British horse racing.
From the amount of column space devoted, it appears that indeed between the alarm and realism, alarm has carried the day. Not only are the financial problems of Dubai World an issue, but the mortality of the Shaykh himself a grave concern.
One senior British racing executive who preferred not to be named "does not dare contemplate a racing world without the Maktoums". From this comment and his aversion to confronting reality, I'm guessing he's probably also an early and persistent investor in Dubai financial paper. He may be buying even now. He probably has a horse named "Implicit Guarantee".
What appears to have happened is that at one auction, the Shaykh's representatives didn't (as we say here in the colonies) "pony up" for another purchase.
Before the gloom and despair spreads too deeply, AA would like to weigh in or at least neigh in.
Shaykh Mohammed indeed is likely to "ride out" the debt storm - no doubt on one of his thoroughbreds. One thing for certain whatever the results of the debt rescheduling, the personal lifestyle of the Shaykh is unlikely to be affected in any meaningful financial way.
So, there is no need for "Last Post" for British horse racing. Stiff upper lip and all that. It certainly helps keep the bit in place.
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