It was the start of the flat racing season in Britain, but the real race of the day was in Belfast for the Ulster Unionist leadership. We had the solid, reliable, onepaced grey, the Rev Martin Smyth, and David Trimble, the glossy, young chestnut . . . well, young and glossy by UUP standards. "Martin has been called everything this week - a stalking horse, a carthorse and basically a bit of an old nag," said one UUP press officer.
The candidates arrived at the King's Hall on Saturday in the appropriate fashion. Mr Trimble trotted in, a bundle of newspapers under his arm, waving and chatting to the press. "Good morning. And it is a very good morning," he said.
Mr Smyth's entrance was less ostentatious. There was no waving or small talk. Just a polite nod in the direction of the media and then inside and down to business.
The press opened a book on the leadership contest. The common consenus was Mr Trimble would win comfortably, with Mr Smyth polling around a third of delegates. Neither candidate was allowed to make a speech. "That will suit Martin," said a Smyth supporter. "Speeches aren't his strong point."
The first sign of the result was a loud cheer from the hall. Mr Trimble had triumphed, but much more narrowly that expected - 457 votes to 348. Mr Smyth had secured 43 per cent support.
Anti-agreement activists yelled with joy and even the normally dour punched the air.
The divisions in the UUP were more obvious than ever. While one half of the hall gave Mr Trimble a standing ovation, the other remained seated and there were shouts of "resign! resign!"
Facing the press, the Trimble team put on a brave show. The UUP leader's position was "rock solid", said Michael McGimpsey. But their faces said it all. Their man was in trouble.
The anti-agreement camp was ecstatic. East Derry MP Willie Ross was even telling jokes. There was talk of another leadership challenge within weeks. "The Young Unionists are away for an army council meeting to discuss the next move," said a delegate.
The battle recommenced after lunch when David Burnside's motion - that the UUP re-enter government with Sinn Fein only if the British government retains the RUC's name - was discussed and passed. One of the UUP leader's press officers, Mr Steven King, admitted: "The unionist orange has been squeezed as far as it can go. The pips are squeaking."
The metaphors were more dramatic from anti-agreement delegate Mr John Hunter. "Northern Ireland under David Trimble was a ship heading fast for the Dublin straits, but today it met a big Orange iceberg."
Mr Trimble would not contemplate talk of defeat at his press conference. "I took a few hits but I am still afloat and they thought they were going to sink me," he said.
He denied his job was now impossible and insisted he had no intention of resigning. As Mr Trimble continued, Mr Smyth slipped into the room.
He stood quietly at the side, listening to his leader's fighting talk, the faintest of smiles crossing his lips. The rank outsider hadn't beaten the favourite, but he had ran him close, exposing his weaknesses. And he knew it.