Racing: If there was any public confusion about an AIG Champion Hurdle with no Istabraq, it quickly disappeared as the whole of Leopardstown seemed to follow the Ned Kelly money trail to success.

Last season's star novice was heavily backed down to 11 to 8 favourite and made the opposition look second rate as he galloped all over them from the second last.

Of course, the problem beforehand was that it wasn't the first time this term that Ned Kelly has been backed as if defeat was out of the question, only to flop spectacularly. But no excuses were needed yesterday.

"Where are all those people now who said he was gone when Limestone Lad beat him?" declared Norman Williamson, who guided Ned Kelly to his five -length defeat of Liss A Paoraigh despite aggravating an old wrist injury.

The jockey was entitled to the boast, but although Ned Kelly's Cheltenham odds were cut to as low as 11 to 2 with Paddy Power, it still doesn't mean Istabraq's position as 7 to 4 Champion Hurdle favourite is under any threat at the moment.

However, that was of little account to Edward O'Grady who said: "That has restored my confidence in him. He has done everything I wanted of him. Istabraq is the $64,000 question but I think we have a worthy challenger."

The trainer was also keen to play down stories of burst blood vessels that have followed Ned Kelly almost all season and especially after the Hatton's Grace Hurdle last month.

"The vets on the day said he didn't burst but that he had a nose bleed. It was so tenuous that I didn't want to make excuses but it was blood from the nose and not the lungs. Every time he has worked since he has been scoped and there has never, ever been blood," O'Grady said.

Ned Kelly is unlikely to have another run before Cheltenham, with O'Grady nominating the Red Mills at Gowran as the only possible option, but he did enough yesterday to leave a positive impression.

Geos faded to sixth after disputing the lead at the second last and could have another run before Cheltenham in the Agfa Hurdle. His trainer Nicky Henderson was impressed by Ned Kelly.

"I can see our fellow coming on a lot and I'm not ruling out the Champion, because it looks an open year. But I think we saw a really good horse today. Whether Geos can come on enough to beat him, I don't know," Henderson said.

If the money trail was spot on in the big race, it didn't allow for the fifth fence in the Baileys Arkle Cup, where the odds-on Moscow Flyer took a crashing fall.

Assessed was slightly interfered with by the faller but ran past Phariwarmer to earn a 16 to 1 quote from Ladbrokes for the Arkle at Cheltenham.

The same firm lengthened Moscow Flyer to 8 to 1, and Jessica Harrington plans to give the horse another start in this Saturday's Tied Cottage Chase at Punchestown: "He will have to carry a penalty but that's what he will have to do," she said.

Direct Bearing earned a 14 to 1 quote for the Supreme Novices' Hurdle following a half-length defeat of Star Clipper in the opener that had Dermot Weld singing Tony McCoy's praises.

"He would not have won without McCoy, who gave him the most beautiful ride. He really is a top of the ground horse," Weld said. Ruby Walsh added to Assessed's win with Native Leisure in the handicap hurdle and completed a successful weekend, started by Rince Ri at Cheltenham.