The mega-rich and Dubai-based Phoenix Thoroughbreds has announced it is to quit horse racing in the United Kingdom where it had amassed 41 runners in 170 races over the past three years.
The company has been involved in allegations of money laundering which has put a dent in their reputation.
Chief executive Amer Abdulaziz Salman said: “It is with a heavy heart that Phoenix Thoroughbreds will no longer have our racing operations in the UK.”
The firm who had horses strung out among 11 trainers in the UK landed the Group One Commonwealth Cup with Advertise under Frankie Dettori at Royal Ascot a year ago.
The company says its withdrawal from the United Kingdom will begin with immediate effect, however the organisation will continue to race in other parts of the world.
“Seeing our colours race at Ascot, Newmarket and further afield has been a dream come true for myself and everyone here at Phoenix Thoroughbreds,” added a statement from the chief executive.
“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 well-being of our business and our partners internationally, we have taken the decision to leave the UK for the foreseeable future.”
Phoenix Thoroughbreds has been a huge spender at bloodstock sales throughout the UK and will be sorely missed in that regard but this decision has come to light after a series of money laundering claims.