Faced with impending bankruptcy, University College Itchendever has its back to the wall. Then, out of the blue, came two offers of assistance. An American foundation promises millions - under certain peculiar conditions. Likewise, the Crown Prince of Abu B'yat will guarantee unlimited funds, but in return for complete control.
Banker sleuth Mark Treasure tries to adjudicate on behalf of the College, but matters swing from the bizarre to the deadly serious with a series of particularly nasty threats - to the trustees of the Foundation a severed sheep's head in a parcel; to the Foundation's bank something even less tasteful and then a corpse is found.