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John Dance horses banned from running again after BHA reveals further concerns 'have since come to light'

John Dance founded Vertem in 2010
John Dance: prominent owner at the centre of a fraud and money laundering probeCredit: John Grossick (

Horses associated with John Dance, the prominent owner at the centre of a fraud and money laundering probe by the city regulator, can no longer run under the banners of Coverdale Stud or Titanium Racing.

In April, the Financial Conduct Authority (FCA) shut down Dance's business, WealthTek LLP, and placed a £40 million freezing order on his assets after discovering "serious regulatory and operational issues".

Horses owned in full by Dance and his wife Jess, or in partnership with others, were initially not permitted to race by the BHA due to the high court freezing order. However, from June, horses owned by Dance were allowed to run in the colours of Coverdale Stud, with any earnings generated by the horses frozen.

Horses owned by Titanium Racing, of which Dance was president and to which he provided financial support, were also permitted to run and the racing club has sent out runners as recently as Saturday.

A BHA statement published on Monday read: "Since May, the BHA has permitted runners through Mr Dance's business in the name of Coverdale Stud and Titanium Racing Club in accordance with the terms of the high court freezing order. However, further concerns have since come to light and as a result the BHA has taken interim action to stop all such runners."

Bravemansgame: on course for the King George at Kempton on Boxing Day
Bravemansgame: has since been sold to Bryan Drew after being prevented from running in the Aintree Bowl in AprilCredit: Alan Crowhurst (Getty Images)

Dance, who has made no public comment since WealthTek LLP was shut down in April, was one of racing's best-known owners through the likes of Laurens and Gold Cup runner-up Bravemansgame, as well as spending big at the sales and sponsoring high-profile races. Bravemansgame, who Dance raced in partnership, has since been sold to Bryan Drew after being prevented from running in the Aintree Bowl in April following an FCA intervention.

Coverdale Stud has sent out six winners from 89 runners this season, the vast majority trained by James Horton, who declined to comment when approached on Monday. Titanium Racing has ten horses spread across seven yards and on its website it states there are a minimum of 100 units in the club each month, with its members paying a monthly fee of £175 per unit and receiving a share of prize-money.

Investigations by special administrators brought in to assess WealthTek LLP discovered a black hole of £81.4m in the organisation's books, while creditors are forecast to receive just 21p for every £1 owed to them.

Read these next:

Owner John Dance facing fraud investigation as regulator reveals potential £80m black hole 

Creditors of John Dance's WealthTek expected to receive 21p for every pound following FCA investigation 

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Jonathan HardingReporter
Published on 18 September 2023Last updated 18:58, 18 September 2023