From nowhere to big cheese in an instant, for that alone Arena would always be regarded with distrust. Racing worried that, as a fully quoted company on London's Stock Exchange, money would go to the shareholders rather than be reinvested in the sport's future. As Arena's share price peaked at 260p last February before succumbing to the dot.com malady, low levels of prize money at some of their courses, combined with widespread criticism of their attitude towards owners, trainers, jockeys and stable staff, appeared to lend strength to suspicion.