Ned Kelly takes the first step towards a possible Smurfit Champion Hurdle clash with Istabraq by taking on just two horses at Down Royal today.

The Edward O'Grady-trained runner is as low as 8 to 1 second favourite with William Hill for Cheltenham in March and today's Anglo Irish Bank Hurdle is the first of what could be three races for Ned Kelly before Christmas.

"Plans will evolve along the way but he is in the Morgiana Hurdle at Punchestown on Saturday week and he's also in the Hatton's Grace at Fairyhouse. Those are his next two options and he could run in one or both," said O'Grady yesterday.

Ned Kelly won all his six starts over hurdles last season and will be widely expected to beat Joe Cullen and Theseus this afternoon despite not having run since early May.

"He's as fit as I can get him at this time of year but I am aware he is a very gross horse and a very big horse. It always surprises me that he takes so much work, but hopefully we have enough done with him," O'Grady added.

Joe Cullen beat Ned Kelly in the 2000 Cheltenham bumper but his trainer Willie Mullins believes he is racing for second this time.

"He is alright but I don't expect to beat Ned Kelly. I would be quite happy with some place money. Over hurdles there is about 20lb between us and I doubt if we will make that up - maybe later in the season," Mullins said.

The other star name on show today is Moscow Flyer, who goes on a retrieval mission in the Beginners' Chase following a shock fall on his Fairyhouse chasing debut. It will be a major surprise if Moscow Flyer doesn't get his new career back on track.

Mocow Flyer's stable companion, Aye Aye Popeye, was a nine-length runner-up to Czar Of Peace at Galway but that run will surely benefit the Harrington runner-up against the Mullins French import Heezapistol.

Tony Martin's Perth winner, Union Wood, will probably be a popular fancy in the handicap chase but preference is for the Thurles scorer Givenchy De Solzen.