Following the announcement on Tuesday that it will cease racing activities in Britain, Phoenix Thoroughbreds announced its intention to continue to invest in racing and bloodstock in Australia.

In a statement published to its website on Thursday, the operation said: “We have enjoyed a lot of success both on and off the track in Australia and plan on continuing to invest in both racing and breeding stock.

“We have already been active at the recent Magic Millions National Broodmare Sale, adding four top-quality assets to our breeding operation, while alongside our trusted partners we have purchased yearlings to go into training.

“The private market is also an avenue we have been busy in recently and over the last few weeks, we have finalised our breeding plans for our mares with leading stud farms.

“We also like to take this moment to thank the racing authorities, state governments, our trainers and their staff for working so hard to keep the sport on the road during these challenging times. All done without sacrificing the world-class product Australia has.”

Phoenix Thoroughbreds Chief Executive Amer Abdulaziz Salman said: “For any ownership group like ours, especially with breeding ambitions, having horses in Australia is a must. With its world-leading facilities, top-class trainers and levels of prize-money, the market is a cornerstone of our business.

“The likes of Loving Gaby, Prague, homebred Farnan and others have given us plenty of reasons to smile over the past few years and we can’t wait to see how they progress this season. We also have some exciting youngsters that we hope can follow in their hoofprints.

“We enjoy strong relations with our partners, who hold similar ambitions to ourselves while the whole industry has been very supportive. We look forward to a long and prosperous future in Australia.”