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

John Dance has been removed as the joint-owner of Bravemansgame for the Alder Hey Aintree Bowl Chase at Aintree after his company, WealthTek LLP, was placed in special administration by the Financial Conduct Authority (FCA) last week.

Dance, 48, owns King George VI Chase winner and Cheltenham Gold Cup second Bravemansgame with Bryan Drew. However, Drew will be listed as the sole owner on Thursday with the eight-year-old racing in his orange and blue silks.

A spokesman for the BHA said on Tuesday: “The BHA can confirm that Bravemansgame will be able to take his place in the Alder Hey Aintree Bowl Chase having been declared in the sole ownership of Mr Bryan Drew. 

“We continue to liaise with Mr Dance and relevant authorities regarding the FCA’s ongoing investigation.”

Contacted by the Racing Post, Drew and Bravemansgame’s trainer Paul Nicholls did not wish to comment on the ownership of the horse. Asked whether Bravemansgame had been leased entirely by Drew for Aintree, or if he had been sold outright, the BHA said it was “satisfied the horse is in the ownership of Mr Drew” and declined to comment further.

A total of £250,000 in prize-money is on offer in the Aintree Bowl and it is unclear whether the ownership switch would result in Drew receiving the total of any winnings. To date, Bravemansgame has won £508,535 in win and place prize-money.

Brasvemansgame: runs in the Aintree Bowl on ThursdayCredit: Mark Cranham

Dance, who races the majority of his string in partnership with his wife Jess, has not had any runners in his own colours since last Wednesday. Apart from early closing races, the owners’ private trainer James Horton does not have any entries.

In addition, the Titanium Racing Club does not have any entries aside from ones made in advance. Dance is listed as the patron of the racing club, which states he “wanted to give something back to allow the everyday person a chance to experience affordable ownership.”

WealthTek, which also has the trading names of Malloch Melville and Vertem Asset Management, was ordered to stop all regulated activity last Tuesday. Special administrators were ordered in last Thursday following the discovery of “serious regulatory and operational issues” by the FCA, the financial watchdog. 

A special administration is classified by the FCA as “a modified insolvency procedure for certain investment firms”, with the insolvency firm in charge of the process set to make an “assessment of the client money and assets associated with WealthTek” before contacting WealthTek clients.

BDO Partners, which is overseeing the special administration, said in a statement: “The special administrators are now responsible for the affairs of WealthTek. In accordance with the terms of the order of the court appointing them, they have an objective to return client money and custody assets as soon as reasonably practicable, ensure timely engagement with market infrastructure bodies and the authorities, and either to rescue the firm as a going concern or wind it up in the best interest of the creditors.”

The FCA did not provide any further update on its investigation when asked for comment on Tuesday. Dance has not responded to previous requests for comment.

Read more . . .

Major racing sponsor Vertem ordered to cease operations in light of 'serious regulatory issues'  

Bravemansgame to run in sole ownership of Bryan Drew in stellar Aintree Bowl field  

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