'They decided to take the risk' - sales agent backed over £20.5m non-payment

The chairman of the Federation of Bloodstock Agents has described the non-payment of more than £20 million splashed out on some of the best-bred yearlings sold last autumn as "hugely unfortunate".

Oliver St Lawrence expressed sympathy for fellow agent Richard Knight, who had acted on behalf of Saleh Al Homaizi in purchasing 16 horses at the Tattersalls Book 1 sale, all of whom are set to be reoffered after the former Derby-winning owner failed to settle his account.

Tattersalls emailed potential buyers on Friday to state that 17 horses – one of which was bought by Knight at the Book 2 sale – had been placed in pre-training with Derby winning rider Adam Kirby and would be reoffered for sale, either privately or at a future public auction, with next month's February Sale a potential destination for them.