A Dubai shake-down would not be all bad news for the Turf

It is 32 years since Sheikh Mohammed's colours were first carried to victory on a racecourse, and the precise amount of money he has since poured into racing around the world is beyond accurate calculation. And for almost as long as the sheikh and his brothers have been a dominant force in international bloodstock, there have been voices warning of the disaster that might follow if, or when, their money or enthusiasm ever ran out.

Now, it seems, we might be about to find out. Dubai World, the state-backed business behind much of the emirate's building boom, is drowning in debt. The neighbouring emirate of Abu Dhabi, which is in the much happier position of drowning in oil, may offer Dubai's best chance of rescue, but may also feel it is a bit cheeky to run the world's largest bloodstock empire with one hand while holding out a begging bowl with the other.

John Ferguson, one of Sheikh Mohammed's closest bloodstock advisers, stressed last week that the Sheikh's personal wealth is separate from that of Dubai itself, and that it is business as usual for Godolphin, Darley and all the many other racing and breeding businesses that have their roots in Dubai.