West Mercia Police has confirmed that a fraud investigation is taking place in connection with a horseracing syndicate following the collapse of Deva Racing.
This is a significant escalation, but it does not establish criminal wrongdoing. The investigation is intended to determine whether any criminal offences have been committed.
What has changed?
The Racing Post reports that former Deva Racing owners have been told formal witness statements will be required and reports should also be lodged with Report Fraud. Deva Racing entered liquidation in July with creditor claims of more than £2.15 million. Reported allegations include unpaid prize-money and sales proceeds, unpaid training fees, overselling of shares and fictitious hospitality packages. These remain allegations unless established by the relevant process.
Three levels of scrutiny
The police investigation sits alongside an ongoing BHA regulatory investigation. The Emirates Racing Authority is separately investigating Deva Racing and Imperial Emperor.
The bigger shared-ownership question
Shared ownership is an important route into racing. Confidence depends on participants knowing what they own, how money is handled, what they are entitled to receive and where they can turn if something goes wrong. The BHA has previously told affected members that it does not record individual percentage interests within syndicates.
Five questions racing should examine
- Should individual ownership percentages be independently recorded or verifiable?
- What financial reporting should syndicate members receive?
- Should member funds, prize-money and sale proceeds have stronger safeguards?
- What minimum information should every prospective member receive before paying?
- When a syndicate fails, who protects members, horses and racing’s reputation?
Protecting confidence, not attacking syndicates
This case should not imply that shared ownership itself is unsafe. Well-run syndicates and racing clubs can broaden participation. The opportunity is to learn from failures and make good operators easier to distinguish from poor ones.
Thoroughbred.Global view
The objective should be a shared-ownership model in which transparency is normal rather than something members have to demand after a problem occurs. We will follow the investigations while concentrating on standards that can strengthen confidence in racehorse ownership.
Sources: Racing Post — police investigation · Racing Post — BHA guidance
This article reports allegations and ongoing investigations. No criminal finding is implied.