IN the end, the thrill was in the anticipation of the race rather than the race itself. In the aftermath of Denman’s impressive, but bloodless, victory in the Gold Cup, a green and yellow rosette, the colours of the deposed champion, Kauto Star, lay trampled in the mud of the winner’s enclosure. A great champion one moment, yesterday’s champion the next.

But the fact that Kauto Star only just managed to hold off another stable mate, Neptune Collonges, at the post showed just how far his brilliance had been neutralised by the ground. When Ruby Walsh needed him to get in the race, he floundered, notably at the top of the hill where the race was effectively decided. So a sense of disappointment hung over Cheltenham on Friday afternoon. The real Kauto Star had stayed at home. It was like watching Michael Johnson run in clogs.

Owner, Clive Smith, will want a rematch, on better ground and maybe not at Cheltenham, but the trainer, Paul Nicholls, might not grant him his wish. There might be some tough talking down Ditcheat way in the coming summer.

Elsewhere, it was a strange Cheltenham, a godsend to the purists who still favour the old three-day Festival. With Wednesday blown away, Thursday had a beautiful rhythm to it, emotion piled on emotion until the thundering climax provided by Inglis Drever in the Ladbrokes World Hurdle. Not long ago, the long distance hurdle championship was the Cinderella race of the meeting, but with Baracouda and now the wonderful, quirky, Inglis Drever, it has produced two outstanding champions.

There is an appealing swagger to Drever. He doesn’t race for long, preferring to lob along in the middle of the pack until it’s time to get serious. And it’s the horse rather than the jockey, this time Denis O’Regan, who decides when the time comes. But once the black and fawn colours of owners, Graham and Andrea Wylie, had appeared on the heals of the leaders, an historic third title became inevitable. Inglis Drever regards the Cheltenham Hill as his back yard. O’Regan, a bright and talented new recruit from across the Irish Sea, could barely hold back the tears. Ginni Wright, the ebullient groom, who is becoming a star in her own right, didn’t even try.

No less rewarding was the victory of Our Vic in the Ryanair Chase, which has established itself as a genuine two and a half mile championship. Our Vic is a majestic horse and a wonderful talent but he tends to find ways to lose. At the age of 10, this was his crowning moment and he was produced to the hour by trainer, David Pipe, who is already showing himself to be a real force on the big days.

Master Minded’s romp in the Queen Mother Champion Chase took the breath away, little Katchit’s victory in the Champion Hurdle proved one of the most popular of the Festival. The combination of little horse and big heart is always irresistible. Tom Scudamore, Emma Lavelle and Sue Smith, among others, will all remember this past week for their first Festival winners, while the extraordinary Nina Carberry and Enda Bolger continued to show the others the way round the cross country course. Ireland did not have too much else to shout about.

But there were warning signs for the future. The Arkle and the Triumph Hurdle were both poor races blessed with good winners in Tidal Bay and Celestial Halo. Too many other races were anonymous. If these really are the Olympics of jump racing, every race must have meaning.

The moment of the week? A.P.McCoy being forced into a broad smile by the reception accorded Alberta’s Run. The raking applause was affection for the man, not the horse, and even Old Stone Face was moved. Or Andrew McNamara, who one moment had the Champion Hurdle at his mercy on Sizing Europe and the next had nothing. He pulled up the favourite just as the Irish were in full voice. That took courage. As he wandered back in, the young jockey also took time to explain exactly what had happened. Inside, he would have been devastated. Class was not confined to the track.