Dozens of gambling professionals are facing the prospect of massive collective losses after the failure of a syndicate focused on football betting, the outcome of a sorry tale of success gone sour, an unexplained change in fortunes and severed friendships. The syndicate was managed by 37-year-old Rory Campbell, son of Tony Blair’s former spokesman Alastair Campbell, a connection which has led to the matter becoming the subject of newspaper reports in recent days.

The total sum lost is hard to pin down but has been estimated at more than £8 million if accumulated profits are included, owed to a group of more than 50 investors whose contributions varied from £10,000 to more than £500,000. Negotiations have taken place, with Rory Campbell offering to liquidate assets in order to make a partial repayment, but an impasse has now been reached.

“If we got 20p in the pound, I think most of us would be surprised,” the Racing Post has been told by one of those involved. Another investor is trying to recover his money through the courts, while the threat of complaining to the police hangs in the background.