Perhaps the most surprising aspect of the report is that none of its findings will be viewed as contentious. Regal genetic heritage has long been recognised as only a small part in what constitutes a superior racehorse. The rearing process, coupled with the prowess of individual trainers and jockeys, is a critical aspect of getting the most from any racehorse. Even the finest thoroughbred will be reduced to a carthorse in the wrong hands.

Conversely, the reputation of a stallion can soar if his progeny are trained by a genius.

Where the report does surprise is in its conclusion that paying expensive stud fees may be a waste of money. In attributing 10 per cent of a horse’s ability to its ancestry, the report implies that this is insignificant. It is anything but.

So much is unknown about what makes horses run fast that any influence of 10 per cent assumes huge significance. That is precisely why some stallions command stud fees of up to £200,000. Their “small” influence is deemed to be critical in a sport populated at its apex by the world’s richest men.

By the report’s reasoning, there is no need for McLaren to pay Lewis Hamilton a fortune to drive its Formula One car when the driver makes only a 10 per cent contribution to the car’s overall performance. Why not you or I? Because that 10 per cent is critical.

The breeding of thoroughbreds is pursued by those with vast pockets who understand that most of the progeny of a £200,000-a-time stallion will be too slow to catch a cold. Not for nothing is racing aptly described as a lottery – albeit the most expensive lottery of all.