Mr Mulligan, rated only "80 per cent fit", tasted defeat at the start of the defence of his Cheltenham Gold Cup crown at Wincanton yesterday. In front of a record crowd of 6,000 he launched his campaign for further honours with a second place to Gales Cavalier in the Desert Orchid South Western Pattern Chase.
Conceding 13lb to his rival, 5 to 6 favourite Mr Mulligan failed by two lengths to get off to a winning start despite being first to rise at the last two fences.
The performance made little impact on the betting for next year's Festival prize. Coral cut his odds to 8 to 1 second favourite (from 10-1) but William Hill left him unchanged on the same price.
And Mr Mulligan's trainer Noel Chance, though disappointed not to win, rated the display a satisfactory warm-up for his next target, the King George VI Chase at Kempton.
"I'm happy. Obviously I am sorry he didn't win. But he jumped well and he wouldn't have been helped by this sharp, turning track and two miles five furlongs trip," he said.
Back in March, Mr Mulligan galloped his rivals into the ground to complete a famous Champion Hurdle-Gold Cup double for rider Tony McCoy.
But yesterday McCoy could never get his mount in front of Gales Cavalier, enterprisingly ridden by Adrian Maguire.
"The winner got him off his feet and he didn't have much time to jump. He is much better on his own in front," reflected McCoy.
"Mr Mulligan is a horse that likes to set a good pace over three miles plus and keep galloping. Everything was a bit quick for him today but it will have sharpened him up for the King George."
Gales Cavalier, who has had a wind operation since he finished second in the race last year, could now contest the William Hill Haldon Gold Cup at Exeter on November 4th.
Trainer David Gandolfo said: "Mr Mulligan was only 80 per cent fit according to the press and my fellow would have been a bit further forward than that."
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