During the last 20 years, international flat racing has changed from being a sport of kings and gentlemen, to become a multi-national multi-million dollar industry for the sharp and unscrupulous. The big players are not the Lords Derby and Roseberry, but a small number of rich Arab Sheikhs, an Ismaili Prince, a Greek shipping tycoon, the man who inherited Vernons Pools and a handful of tough and self-made American businessmen. They and their trainers, jockeys and racing and stud farm managers continually seek to knock each other out throughout the racing year. This is an account of the milieu and leading personalities of big money racing. Jamie Reid is racing correspondent for "Private Eye".