Phoenix Thoroughbreds has denied claims made in a New York courtroom that it is financed by money stolen from a fund raised by a fake cryptocurrency scam. The claims have caused a sensation in international racing and bloodstock circles.

Best known for racing Group 1 winner Advertise and Dubai World Cup runner-up Gronkowsi, Phoenix Thoroughbreds is headed by Dubai businessman Amer Abdulaziz. He was named in a US court case last week which found a local attorney guilty of conspiracy to launder proceeds of a cryptocurrency scam.