"But it seems clear to me that Racing’s failure to understand much about anything, as underlined by the release put out yesterday in connection with the Betfair float, lies deep within its psyche. Any political observer with the smallest modicum of observation or nous will tell you that any leadership, of any organisation, that genuinely believes today that it is about to secure a big boost to its revenues prompted by government, in the context of a national economy which is suffering cuts at every level, is simply deluded about itself, its industry, and the wider world."