Araafa and Munro won the day's feature race

Jeremy Noseda's 2-1 favourite took the feature race as the course officially reopened after a �200m revamp.

Bargain-buy Australian sprinter Takeover Target, ridden by Jay Ford and owned by Joe Janiak, a taxi driver from Canberra, won the King's Stand Stakes.

Ad Valorem, ridden by Kieren Fallon, claimed the Queen Anne Stakes after a stewards' inquiry. Court Masterpiece finished second and Proclamation third.

Report: The transformation of Ascot

The Queen formally reopened the track, with 70,000 racegoers in attendance, as the Royal meeting returned to its Berkshire home.

In 2005, the fixture was held at York while Ascot underwent a 20-month revamp which included construction of a new grandstand.

In the St James's Palace Stakes, Araafa sat behind long-time leader Arabian Prince until just before the two-furlong marker, when Alan Munro eased the three-year-old into the lead.

Stormy River, ridden by Olivier Peslier, was anchored to the rear of the field two furlongs out but came from nowhere to take second at odds of 7-2. Ivan Denisovich was third.

Araafa's work has improved again since Ireland and I'd like a rematch with George Washington Trainer Jeremy Noseda

Araafa beat George Washington at the Irish 2,000 Guineas last month but only now does Noseda think his horse will get the credit he feels he deserves.

Noseda told BBC Sport: "It was a great performance. His work has improved again since Ireland and I'd like a rematch with George Washington.

"He's got a great cruising speed, he can kick, and I think it'll take a mighty good one to beat him."

But the opening-day romance was provided by Takeover Target, who won a dramatic King's Stand Stakes after edging out the fast-finishing Benbaun on the line. Pivotal Point finished third.

In a rags-to-riches story echoing that of American hero Seabiscuit, Takeover Target was bought for about �500 three years ago by taxi driver-turned-trainer Joe Janiak.

He is now right up there in lights with the top sprinters in the world Takeover Target's jockey Jay Ford

Despite suspect knees and a gangly frame, the seven-year-old horse has progressed to be Australia's top sprinter with earnings of more than �1m.

"This is a dream come true for me. Jay rode the perfect race. He judged it perfectly," said Janiak.

"I was worried we had bitten off more than we could chew. Now the horse probably won't want to go home."

Takeover Target will try to emulate another Australian sprinter Choisir by adding the Golden Jubilee Stakes on Ascot's final day.

Aidan O'Brien's four-year-old Ad Valorem finished one and a half lengths clear in the Queen Anne Stakes, but Court Masterpiece looked unlucky in second, as Jamie Spencer was denied a clear run inside the final furlong.

Sir Michael Stoute's Peeress was also affected by the trouble late on, which allowed Proclamation, ridden by Frankie Dettori, to snatch third.

An inquiry was immediately called but the placings remained unaltered, although Fallon was handed a four-day riding ban for his role in the skirmish.

The former champion jockey will be out of action from 1-4 July, which includes the Irish Derby, but can apply to the Turf Club to reschedule his ban.