INTERNATIONAL owners Phoenix Thoroughbreds announced this week that they will no longer operate in Britain.

In a statement sent out this week, the Dubai-based company outlined the reasons for the decision: “Everybody at Phoenix Thoroughbreds is keen for investment into the international sport of racing and in the past few years has been fully committed to healthy growth.

“The company has conducted itself appropriately, despite certain media outlets claiming otherwise. It is in no small part down to the unfair treatment from an industry media outlet that this decision has been taken.”

Amer Abdulaziz Salman, the organisation’s chief executive, said in the statement: “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.”

Phoenix Thoroughbreds became shrouded in controversy last year when Abdulaziz was named by a defendant in a criminal court in the US, accusing him of involvement in a cryptocurrency money-laundering operation. Abdulaziz was accused by prosecution witness Konstantin Ignatov of being “one of the main money launderers” in a £4bn OneCoin cryptocurrency scam which found a US lawyer guilty for his role.

Phoenix Thoroughbreds denied all allegations but racing professionals such as Dermot Farrington, Martyn Meade and Bob Baffert have cut ties with the organisation.

Phoenix Thoroughbreds currently have horses trained in Ireland with Joseph O’Brien, Ado McGuinness and Fozzy Stack all running horses in their white and orange silks this year.