IF we are to believe the latest threat from Sheikh Mohammed bin Raschid al Maktoum that he and his brothers will pull out of horse racing in Britain, then it is likely that once again it will become the sport of kings and not Arab princes.

It might also be returned to the common man who holds on to aspirations that because he owns a part share in a horse this might one day provide untold riches when it comes first in the Derby or the Gold Cup and he will gain immortality in turf history.

Real life is not like that, but that is what horse racing is all about . . . unfulfilled dreams.

Sheikh Mohammed admitted in a speech delivered on his behalf that while the Dubai oil-rich Bedouin Maktoum family are not down to their last three camels, they certainly have the hump over the prize money that is available in this country. Unless things improve then he is going to up-stable and move

elsewhere.

The return for his massive investment in the sport is no longer worth the candle, not even for his massively rich family, he says. We have heard some of this before.

He loves racing in this country. No other nation offers the same spectacle or excitement. It is the home of a sport intrinsically linked with Arabia when these first stallions were brought to this country in the eighteenth century to breed the first truly fast race horses. None the less, Sheikh Mohammed threatens he will move out unless he gets a better return for his money.

For those owners who would not mind seeing Sheikh Mohammed's maroon-and-white colours disappearing from race courses in this country and thereby giving their horses a chance of crossing the line in first place, the loss of his multimillions of pounds poured annually into the sport would have a devastating affect.

David Ashforth, senior news reporter with the Sporting Life, has no doubt about that. Even the Queen Mother pays heed to what he has to say, and if anyone should know anything about the sport of kings then it should be her.

A withdrawal from the sport by the Maktoums would certainly detract from the bloodstock industry in this country which has has seen sudden leaps in recent years, he says. No matter which way you look at it their influence in bettering thoroughbreds has been immense. Hundreds of jobs in stables would also be put in danger if they pulled out.

''It would be a terrible day for

racing.''

One disgruntled Scottish race horse lover who, over many years, has owned a share in various horses, most of them losers, told me: ''As far as I am concerned, the sooner Sheikh Mohammed leaves the country the better. We invest #10,000 in a horse and spend #1000 a month to keep it in training. We know we have

no chance of winning, but we live

in hope.

''It is the Sheikh who pushes up the prices and makes it more difficult for people like me to become involved. He buys the best horses at inflated prices . . . takes them out of racing early to put them to stud . . . just to make a profit. He is not the great benefactor of the sport that he is said to be.''

You can see the logic of his argument, but so, too, it would appear does Sheikh Mohammed.

In the speech he wrote, but did not deliver, he admits: ''There are probably some people who for reasons of their own, might not miss us.

''However, I am not in the business of winning popularity contests. But we can no longer escape the stark fact that our racing operation in Britain is a luxury that we can no longer sustain.''

You had to admire his cheek when he said that as Defence Minister for his own country he would not attempt to interfere in the domestic politics of Britain, but went on to do just that by declaring that more of the money taken from racing in general and betting in particular should be circulated back in the sport.

Does he really believe that while Chancellor Gordon Brown is prepared to take benefit entitlements from single-parent families, he will be prepared at the same time to relax taxes so that unbelievably rich horse owners from the Middle East can win more in prize money?

Sheikh Mohammed seems to think so. He says he is not speaking only for the multi-rich owners when he makes his views known. He is also speaking for those at the bottom end who join in a syndicate with their friends to get the best possible enjoyment out of the sport.

''Who does he think he is kidding?'' says the Scottish part-owner of a horse. ''We would get more fun if he was no longer involved.''

Reading between the lines of the speech it is probable that Sheikh Mohammed is more concerned that his children will not support horse racing to the same degree that he has done since a horse he owned came first past the post in 1977. He would like them to, but seems to doubt they will follow on the tradition unless there is a better return for the money invested.

He caught the bug when, for the first time, he saw his horse cross the winning post.

Having done so many doubt if he is totally sincere in his threat to pull out now. After all he delivered a similar threat in 1992.