Phoenix Thoroughbreds are to withdraw from racing in the UK with immediate effect.
The Dubai-based organisation, who have enjoyed Royal Ascot success with the likes of Signora Cabello and Advertise, will continue to race in other jurisdictions around the world.
Phoenix have supported 11 trainers since its inception in 2017 when it was launched as a regulated thoroughbred fund.
In a statement, founder Amer Abdulaziz said: “It is with a heavy heart that Phoenix Thoroughbreds will no longer have our racing operations in the UK.
“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 well being 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.”
Source : Sky Sports