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Celebre D'Allen, who collapsed after running in the Randox Grand National at Aintree on Saturday, has died after his condition deteriorated overnight.
Trained in partnership by Philip Hobbs and Johnson White, the 13-year-old was a 125-1 shot under Micheal Nolan and was pulled up after the final fence before then collapsing on the racecourse.
After receiving treatment on course, he walked into the horse ambulance and was taken to the racecourse stables for further assessment.
Joint-trainer White said the veteran was "very much going the right way" on Sunday following an overnight stay at Aintree and he was later moved to a nearby livery yard to continue his recovery.
However, speaking on Tuesday morning, White said: "He had the best possible care, but he just took a downturn overnight and very sadly he's passed away.
"It's gutting for everyone here (at the yard), it's very quiet here this morning as you can imagine."
A statement issued by Aintree Racecourse read: "Celebre D'Allen was a much-loved member of Philip and Johnson's team and all of us at Aintree are deeply saddened by today's news.
"Those who look after British racing's equine athletes every day have a unique bond with their horses and provide the very best care imaginable. Our thoughts are with everyone connected with Celebre D'Allen."
Jockey Nolan received a 10-day ban for his ride.
The British Horseracing Authority [BHA] said: "An enquiry was held to consider whether Micheal Nolan, the rider of Celebre D'Allen, had continued in the race when the horse appeared to have no more to give and was clearly losing ground after the second-last fence.
"The rider and the Veterinary Officer were interviewed, and recordings of the incident were viewed. The rider was suspended for