John Dance horses shrouded in growing uncertainty as more details emerge of FCA investigation

The futures of horses owned by John Dance were cast into further uncertainty on Thursday after the scope of the investigation into his company, WealthTek LLP, by the Financial Conduct Authority (FCA) was made apparent to the BHA.

WealthTek, which also trades as Vertem Asset Management and Malloch Melville, was shut down last week after the FCA obtained a High Court order to place the business into special administration following the discovery of “serious regulatory and operational issues”.

Having liaised with the FCA, the BHA initially facilitated a solution to allow Bravemansgame to compete in the Aintree Bowl in the sole ownership of Bryan Drew with Dance removed as joint-owner. The BHA did not specify if the eight-year-old had been leased or sold to Drew, but said it was “satisfied” the horse would be in his ownership for the race.

The court order had been secured by the FCA last Thursday but was not presented to the BHA until Wednesday this week, at which point it is understood that the BHA, having seen a more detailed outline of the FCA’s position, realised it could not allow Bravemansgame to compete. As such, the BHA took the decision to block Bravemansgame running, albeit with confusion remaining as to whether any of the other horses owned by Dance would be able to compete in the near future.

In an updated statement on the WealthTek investigation issued on Wednesday, the FCA said it had “taken various steps to protect consumers following serious regulatory and operational issues coming to light”.

Among the actions that can be taken by the FCA as part of investigations is an application to the court for assets to be frozen. The scope of what constitutes an asset that can be frozen is then interpreted by organisations presented with the court order.

Bravemansgame: unable to run in the Bowl at Aintree on ThursdayCredit: Ryan Pierse

Alongside Bravemansgame, Dance owns a number of horses in partnership with his wife, Jess, the majority of which are overseen by their private trainer James Horton, who is based at a rented property in Middleham while a state-of-the-art training facility at Manor House Farm is completed. As well as his own horses, Dance is patron of the Titanium Racing Club.

Reports emerged on Thursday that property and motor vehicles in Middleham potentially connected with Dance had been seized by authorities, but there was no indication that any bloodstock assets had been frozen as part of the investigation.

The forced withdrawal of Bravemansgame from the Aintree Bowl, which was won by Shishkin, was described as “bitterly disappointing” by Paul Nicholls. The champion trainer said he planned to reroute the King George VI Chase winner and Cheltenham Gold Cup runner-up to the Punchestown Gold Cup on April 26 if possible.

“Obviously [I am] disappointed by the course of events that led up to us not being able to run him but that’s out of my hands,” Nicholls told Betfair. “I can’t really say any more than that. It's just bitterly disappointing.”

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John Dance removed as joint-owner of Bravemansgame after his company placed in special administration 

Bravemansgame ruled out of Aintree Bowl clash due to ownership issue 

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