Willie Mullins appears content to leave a decision on Fact to File's Cheltenham Gold Cup participation to owner JP McManus.
The impressive Irish Gold Cup winner's sole entry at the Festival is in the Ryanair Chae he won in destructive manner 12 months ago, with a Gold Cup tilt requiring connections to pay a £25,000 (€28,700) supplementary fee at the six-day stage.
And the master of Closutton is in no rush to pin his colours to a particular mast, prepared to let water pass under the bridge and receive wise counsel from one of the game's most experienced owners.
"If you go back to November he was the Irish banker for the Ryanair, but then he comes out and does what he did the other day," said Mullins, speaking at a media event organised by The Jockey Club.
"It's not like JP is an ordinary owner, he has so many horses, including Spillane's Tower, who can run in the Gold Cup with a live chance and still keep Fact To File in the Ryanair.
"He's been in the game longer than any of us and has seen the ups and downs, so I'm going to respect whatever he says to me. We haven't really spoken about it and I don't think there's any need at this stage.
"A lot will depend on what horses are going to turn up. I'm just going to get him ready for Cheltenham and if he wants to supplement him for the Champion Chase I'd say he could run in that! I'll train him the same and see which way we go nearer the time."
Mark Walsh said we saw the real Fact To File today in landing the Irish Gold Cup.
— RTÉ Sport (@RTEsport) February 2, 2026
After a difficult period, Walsh has won four Grade 1s this festival.
"Long may it last," he says. pic.twitter.com/4oW8nP3Mc0
It was King George third and former Arkle hero Gaelic Warrior who chased home Fact To File at Leopardstown recently and Mullins feels he could prove the perfect model for the intermediate contest if Fact To File was to head for the blue riband.
"I thought Gaelic Warrior's run the last day at Leopardstown was ideal for the Ryanair myself, the way he ran his race," continued Mullins.
"I wouldn't have any problems going back there and maybe if I analyse it more and gather a few more opinions I might change my mind, but I just thought that was a hell of a run.
"Patrick (Mullins) was delighted getting off him and he gave him a terrific feel the other day.
"He is in good form. He had a hard race at Christmas and had a hard race the other day, but he ran fantastic in both races. He's a horse that does run well in Cheltenham."
One horse definitely on course for the Festival's feature event is two-time champion Galopin Des Champs, who will bid to become just the second horse after Kauto Star to regain his crown. He could try to do so in cheekpieces for the first time, after what connections felt was a good effort in third to Fact To File and Gaelic Warrior.
"It is a possibility, when those horses get older there's no harm in trying cheekpieces or trying something if you're worried," said Mullins.
"I thought he ran a great race the other day, he took to it from the start whereas last year he didn't - it took him three or four fences to warm up.
"I was surprised that he warmed up coming down the hill, and then got into the race. Maybe he got into it too soon, but the winner won very well and was very good."
Grand National hero Nick Rockett has endured an interrupted preparation for his seasonal debut and may not be fit to take up his Cheltenham Gold Cup entry, according to Mullins.
"I want to run him in the Gold Cup, but I'm not sure Nick's the way I want him at the moment," said Mullins.
"I don't want to rush him, but if I can get him there then I will. He's not even qualified for the National yet this year. I'll do whatever I can."
Grand National eligibility requirements require horses to have run at least once over fences during the current season, meaning if the Cheltenham Festival is out of the equation then another qualifying run will have to be undertaken.
Mullins said "The owner would love to run at Cheltenham and I would too, but whether I have him ready is another matter.
"As soon as I can get him on the racetrack, I will, but things just aren't going well now.
"He rode out this (Wednesday) morning and was fine, but I need him to go out every day and he's just had little niggles.
"At the moment it looks like Aintree, he's just not been right this year."
Meanwhile, the Festival's leading trainer will be double-handed in the Queen Mother Champion Chase as both Dublin Chase hero Majborough (above) and Tingle Creek winner Il Etait Temps bid to give him a third win in the two-mile championship.
Over hurdles, however, it is still to be decided if Lossiemouth will join stablemates Anzadam and Poniros in the Unibet Champion Hurdle or seek a third straight win in the Mares' Hurdle following her defeat at the hands of Brighterdaysahead in the Irish Champion Hurdle.
"Lossiemouth was disappointing the other day, but it's a very open Champion Hurdle and I'll have a good word with Rich Ricci and see what he thinks about it," explained Mullins.
"A lot will depend on how the mare is herself, definitely the form she was in the other day I don't think would cut the mustard in the Champion Hurdle and on that form she might be better going for the Mares' Hurdle, but we will see."
He went on: "We've got the four in it, but I think Ballyburn's pedigree would rule him out.
