Phoenix Thoroughbreds has announced the quitting of racing in the UK.
Phoenix had run 41 horses in 170 races within three years.
They dismiss the claim of money laundering, as reported by the Racing Post.
“It is with a heavy heart that Phoenix Thoroughbreds will no longer have our racing operations in the UK,” said Amer Abdulaziz Salman.
The firm says it had horses with 11 trainers in the UK.
Phoenix says its removal from the UK will start immediately but the organisation will continue to race.
“This has not been a decision we have taken lightly. However, for the growth and well-being of our business and our partners internationally, we have taken the decision to leave the UK for the foreseeable future.”