MILLIONAIRE Kenneth Richardson yesterday lost an appeal against his conviction for master-minding one of the most famous swindles in horse racing history - the swapping of two-year-old Flockton Grey for an almost identical three-year-old ringer.

The Court of Appeal rejected a challenge by Richardson and two former racing associates, Colin Mathison and horse-box driver Peter Boddy, against a 1984 jury verdict that they were guilty of conspiring to defraud bookmakers.

The Knighton Auction Stakes, run over five furlongs at Leicester in 1982, was won by an imposter masquerading as Flockton Grey. The ringer came in 20 lengths ahead of the field at 10 to 1.