LONDON, England (Reuters) – Champion Ryan Moore has been backed down to 5-4 favourite to end up as top jockey at Royal Ascot which opens with its usual splendour today.

Johnny Murtagh, stable jockey for the power-house stable of Aidan O’Brien, would have been fancied to keep the crown he won in 2008 when he rode six winners.

But the Irishman will miss the last two days of the five-day extravaganza when he begins a five-day ban for careless riding in a big race at Epsom this month.

That could leave the way clear for Moore and the powerful stable of Michael Stoute who will hope to get off the mark quickly in the Queen Anne Stakes on the improving colt Main Aim.

The Queen Anne is the first of three Group One races in succession on the first day, ensuring the meeting gets off to a heady start as usual.

Murtagh’s ban does not take effect until Friday so he is clear to ride in Thursday’s highlight, the Ascot Gold Cup, which formidable stayer Yeats is out to win for a fourth time.

The big sprint races are sprinkled with foreign challengers and include Australian evergreen Takeover Target who contests Saturday’s Group One Jubilee Stakes.

He won the King’s Stand Stakes in 2006 and has finished in the first four on his other five Royal Ascot starts.

Trainer Joe Janiak told a news conference: “Takeover Target is a bit old but the Golden Jubilee Stakes is one race I would really like to win — he has run second, third and fourth.”

Dating back to 1711, the royal meeting with its social elite is probably better placed than most to shrug off the credit crunch.

Large crowds are expected to make a brave attempt at consuming over the five days the 170 000 bottles of champagne, 160 000 pints of beer, 10 000 lobsters, 18 000 salmon steaks and four tonnes of beef which are now par for the course.