First appearing as an owner in the mid-2010s, John Dance had become one of the most recognisable faces in the sport by the end of the decade. The man behind WealthTek LLP, which also traded as Vertem Asset Management and Malloch Melville, was a regular interviewee on TV both before and after racing, with his affable nature making him a natural in front of the camera. With his firm lending its support to the Futurity Trophy at Doncaster, he was also widely praised for the financial backing he lent to the sport.
However, it appears that everything may not have been as it seemed with Dance. This week brought the news that the 50-year-old had been charged with nine criminal offences, including fraud and money laundering, by the Financial Conduct Authority. Here, we look back at the highs and subsequent lows of an owner who burst onto the racing scene only to disappear just as quickly.
Huge Success at the Track
Despite his flaws, of which there are many if the charges prove correct, John Dance had an eye for spotting a decent racehorse. Included in a £723,000 six-horse spending spree in 2019 was star chaser Bravemansgame, who subsequently claimed three Grade 1 contests, including a 14-length romp in the 2022 edition of the King George VI Chase.
Bravemansgame stole the show over jumps, but Dance will be remembered best for his superstar flat filly, Laurens. Purchased for £220,000 in 2016 and trained by Karl Burke, the daughter of Siyouni enjoyed a golden period between 2017 and 2019. Successful six times in Group 1 company, including the Fillies Mile, Prix de Diane, and Sun Chariot Stakes, Laurens amassed almost £1.8m in prize money before her retirement at the end of the 2018/19 season.
Alarm Bells Begin to Ring
At the height of his fame as an owner and in the process of transforming Manor House Farm in Middleham into a private training establishment, it all started to come crashing down for Dance.
In April 2023, he was arrested amid civil and criminal investigations. The British Horseracing Authority reacted by banning all Dance-owned horses, in addition to those sporting the colours of the Dance-backed Titanium Racing. Coming just ahead of the Punchestown Gold Cup, the timing was particularly bad for Paul Nicholls and Bravemansgame. However, the horse ultimately took his place in the field when part owner Bryan Drew stepped in to purchase Dance’s 50% share in the Grade 1 star.
Runners carrying the silks of Dance were then briefly permitted to run again, only for the ban to be reapplied in September 2023, as the full scale of the allegations became apparent.
Financial Irregularities on an Extraordinary Scale
Fast forward to December 2024, and Dance was finally formally issued with charges. Outlining his alleged offences, FCA Joint Executive Director Therese Chambers stated:
“This is one of the most serious and largest frauds we have ever investigated. We allege that over a period of many years, Mr Dance diverted millions of client funds for his own benefit, telling lies and forging documents to cover his tracks.”
Estimates suggest the sums involved could reach as high as £64 million – funds which Dance allegedly used to facilitate a lavish lifestyle as a racehorse and nightclub owner and to purchase commercial and residential property.
Released on bail, John Dance must appear at North Tyneside Magistrates Court on 3rd, January 2025. The racing worl