After months of feverish gossiping, and a lot of misguided betting, we finally know that David Eastwood is the new chief executive of the Higher Education Funding Council for England. But the tenners are coming for the latest sweepstake: who will take over as chair of The 1994 Group now that he has vacated it. Steve Smith - vice-chancellor of Exeter University and a great friend of Professor Eastwood's who was eager for him to get the top job - is the favourite. But Lancaster University's vice-chancellor Paul Wellings is also in the race. Perhaps it depends how much influence they want to have with Hefce.