Classic-winning owner who had £621,000 gambling debt admits in court he lied about being insolvent
Alan Spence, a classic-winning owner, confessed in court to lying about his insolvency to avoid paying a substantial gambling debt.Summary
Alan Spence, vice president of Chelsea Football Club and the Racehorse Owners Association, admitted in court to dishonesty regarding his gambling debts with David Solomon. He confessed to falsely claiming insolvency to avoid paying £621,000 and to deceiving Solomon by falsely stating he placed bets on behalf of others. Spence denied fabricating a bookmaker named 'George' to avoid paying £250,000 in winnings. He claimed to have fabricated meetings with creditors and misled Solomon about settling debts. Spence also admitted to accepting money from Solomon to place bets with Spreadex, but failing to do so, and later claiming to have used a bookmaker in Spain, 'George', who subsequently disappeared owing money. Solomon was accused of operating an illegal betting business, allegations he denied. The hearing is ongoing.
(Source：Racingpost)