If there was any doubt about it there can be none now. There is a new superpower in racing and it comes in the shape of Qatar and its many connections. What is most noteworthy too is that the main players are committing to the sport of racing for the long term.

The news this week that the Glorious Goodwood meeting is set to benefit from a 10-year deal that could be worth well over €30 million certainly shook up British racing and reverberated further afield. The Sussex Stakes will now carry prize money of €1.25 million and is sure to be at the top of all wish-lists for the world’s best turf milers.

While racing is becoming a most important vehicle for the promotion of Qatar as a nation and for many business and entities associated with the state, they appear to be appreciative of the sport’s traditions, and it is good to see the Stewards’ Cup reverting to its original name. This is not as important as the fact that Qatar sees racing as a key way for their message to be disseminated globally.

History shows that racing has always managed to attract wealthy owners and investors, and some have come and gone. However, there is any number of key global players in the sport and their involvement is to be welcomed. Their direct impact may not be felt by many who breed, but the effect of their involvement at the highest level filters down through the business and will ultimately have a positive effect on the whole market.

LIVELIER MARKET

We held out high hopes for a large influx of Russian investors over recent years, but their level of participation did not materialise as the industry would have hoped.

The same cannot be said of the Qataris and they have certainly made the market a far livelier place. Competition has one key positive outcome; it forces others to do better.

We have seen welcome Qatari investments made in Ireland, but they are nothing yet compared to what they have been elsewhere. We can seek to attract more involvement in Ireland, and this has been happening with some other notable stud purchases in recent weeks.

All such inward investment is key to ensuring we maintain our position at the top table, along with the continuing support of those here already.