Unprecedented folly of misjudgment, bad timing and spectacular hubris is predicted to lose $245m. How did this happen?

The fanfare at Digger’s world premiere in London four weeks ago was literal. As the Prince and Princess of Wales took to the stage, their arrival was heralded by the band of the Irish guards’ fanfare team – bugles gleaming, epaulets shining, bearskin bonnets rippling under the lights.

Given the occasion, the band were not overdressed. Joining William (velvet tux) and Kate (chiffon gown, the late Diana’s earrings) to introduce the film was cinema’s longest-reigning monarch, Tom Cruise (Armani), along with a retinue including director Alejandro González Iñárritu and co-stars Sandra Hüller, Riz Ahmed, John Goodman, Jesse Plemons and Michael Stuhlbarg. Loyal courtiers filled the front rows: Salma Hayek, Hannah Waddingham and no fewer than three Beckhams (David, Cruz and Romeo).