Ban for bankrupt Layezy syndicate’s 23 horses
tHe 23 horses owned by the Layezy Racing club have been stopped from racing after the syndicate’s owner mike stanley filed for bankruptcy. the British Horseracing Authority (BHA) stepped in yesterday to officially disband the racehorse ownership club linked to the doomed Layezy Racing betting syndicate, which may have cost people tens of millions in savings. the Layezy Racing owners Club, run by mr stanley and with more than 2,000 members, has been shut down and its horses placed in the hands of trustees. its closure meant the BHA had to inform Kayley Woollacott, one of seven trainers affected, that she was not allowed to saddle Nickels onthedime, one of the syndicate’s runners, at Fakenham today.
Sportsmail revealed last month that nearly £2million invested in the Layezy Racing betting syndicate by members had been used by mr stanley without their knowledge to buy and train 23 horses in the last year. Although the horses run in Layezy Racing owners Club’s lime-green colours, mr stanley is the ultimate beneficiary owner and is listed on the paperwork. mr stanley filed for bankruptcy last week. Administrators at duff & Phelps confirmed to
Sportsmail yesterday they had been appointed by the secretary of state to be the trustees in mike stanley and Layezy’s bankruptcy. it is feared that the shortfall between the assets of mr stanley and the syndicate and what members claim they are owed could be £70m. And members revealed to
Sportsmail this week that many of them face financial ruin due to the syndicate’s closure. A BHA spokesman said: ‘insolvent individuals or entities are not permitted to own and run racehorses. ‘As such, those horses will not be allowed to run until further notice. the BHA is contacting the trainers responsible for the horses to ensure they are sufficiently informed about what support is available to them, and will work with the trainers to ensure the horses continue to receive the first-class care they are accustomed to. ‘this is a complex situation and the BHA is working with the relevant authorities to assist in any way it can. ‘Anyone financially involved or dependent upon the Layezy Racing owners Club syndicate will receive updates from the trustees via the Layezyinvestors@duffandphelps.com email address. Anyone who feels they may be a victim of fraud can contact Action Fraud.’