What do we make of the collapse of the World Racing Championships, less than two months after it was won for the first time by a horse from a non-traditional horseracing nation? Last year, for the first time, there were three international series in the horseracing world and Hong Kong-trained horses won them all. Cape Of Good Hope bolted away with the inaugural Global Sprint Challenge, courtesy of unforgettable away wins in Australia and England; Bullish Luck captured the Asian Mile Challenge; and Vengeance Of Rain became the World Racing Champion with that superb win in the $18 million Cathay Pacific Hong Kong Cup. Was it all too much for the established northern hemisphere race clubs, who perhaps saw the World Series as a chance for European and American horses to plunder rich races around the globe but probably never envisaged Asian-trained horses securing more than the occasional token triumph? Has the arrival of Hong Kong as a genuine force in world racing had an unexpected, negative backlash, especially as Vengeance Of Rain was able to take the series with two wins on home soil - the Queen Elizabeth II Cup in April being the series opener in April 2005? The World Racing Championships, or World Racing Series as it was originally known, was a great concept. It was conceived in the amazing mind of Sheikh Mohammed bin Rashid al Maktoum, perhaps the world's most powerful thoroughbred owner and breeder and the visionary behind the emergence of Dubai as a world city. If Sheikh Mohammed is not the father of international racing, then he was certainly its nurturing and guiding mentor. The genius behind the world's richest race meeting, Dubai World Cup night, and the all-conquering Godolphin racing stable did all he could to launch the WRC and even brought Emirates Airlines to the table as the series sponsor. The series promoters then engaged in an amazing piece of commercial suicide by welcoming Singapore's national airline on board as sponsor of the Singapore International Cup - an obvious conflict for series sponsor Emirates - and Sheikh Mohammed saw red. Next thing you knew, the Dubai World Cup abdicated, Emirates withdrew and there seemed to be no one left on board capable of keeping the good ship WRC from smashing on the rocks. Over the past few years, insiders bemoaned the lack of drive in the organisation. None of the big issues seemed to get touched and the biggest prize of all - global betting into a single pool - never got to first base. Participating clubs would arrange meetings coinciding with the world's great racing carnivals but after the loss of Dubai's support, it all seemed directionless. And when Michael Osborne passed away in mid-December after a short illness, it seemed the dream of re-establishing the World Racing Championships died with him. It seems such a shame. Global sport is massive business and one only has to look at the Formula One grand prix circuit to see how popular, successful and lucrative a well co-ordinated showcase series can be. Horseracing has barely scratched the surface of sponsorship, merchandising and betting opportunities in the sport on a global basis. The World Racing Championships could have been the platform for all of this, but the powers that be have decided to 'pause' the series for 12 months while they collect their thoughts. Meanwhile, horseracing's competitors for the entertainment and gambling dollar worldwide have a head of steam and their momentum will be even greater in 12 months' time. The Book of Proverbs tells us 'without vision, the people perish'. In more modern texts that translates as 'where there is no revelation, the people are scattered'. The WRC's version seems to be 'now we're rid of those visionaries, let's take a year off for inspiration'.