Phoenix Thoroughbreds is to cease racing operations in Britain with immediate effect, the organisation announced on Tuesday.

The Dubai-based company, which was founded by Amer Abdulaziz Salman, has had its colours carried by 41 horses in 170 races over the past three years. They include Advertise, who was trained by Martyn Meade to win last year’s Commonwealth Cup and Prix Maurice de Gheest, and Signora Cabello, winner of the 2018 Queen Mary Stakes for John Quinn.

Billed as the ‘world’s first regulated thoroughbred fund’ when founded in 2017, Phoenix Thoroughbreds has in recent months denied allegations of money laundering, as reported by the Racing Post.

In a statement released by Phoenix Thoroughbreds, the company said it had employed 11 trainers and ‘helped facilitate the employment of approximately 300 stable staff’.

Advertise carries the Phoenix colours to victory in last year’s Commonwealth Cup – Photo: George Selwyn

“It is with a heavy heart that Phoenix Thoroughbreds will no longer have our racing operations in the UK,” said Abdulaziz. “We have very much enjoyed working with our excellent partners in that market and seeing our colours race at Ascot, Newmarket and further afield has been a dream come true for myself and everyone here at Phoenix Thoroughbreds.

“We have invested large amounts into the industry in the UK helping to employ hundreds of staff both directly and indirectly.

“This has not been a decision we have taken lightly. However, for the growth and wellbeing of our business and our partners internationally, we have taken the decision to leave the UK for the foreseeable future. It saddens me greatly to have to do this but at this juncture, we believe it is necessary. We would like to thank everyone who has helped us achieve our dreams so far.”

Phoenix Thoroughbreds’ last winner in Britain came on 31 July when the Quinn-trained Frankenstella, a €480,000 yearling purchase, obliged in a 2m1f handicap at Pontefract.

The operation continues to be well represented worldwide, notably in Australia where it holds interests in top performers Farnan, Loving Gaby and Exceedance, and America, where its colours were recently carried to victory by Volatile – owned in partnership with Three Chimneys Farm – in the Alfred G. Vanderbilt Handicap at Saratoga.