Freddie Williams' Jaguar car was halted by the robbers in a Vauxhall Cavalier and Land Rover just off the A429 at Fossebridge, Gloucs, on Thursday night.

The attackers leapt from their cars and smashed the windows of the Jaguar with a crowbar before fleeing with the cash.

Police are also investigating the theft of �32,000 from a bookie's bungalow in Westmancote, Worcs, on Thursday.

Mr Williams, from Cumnock in Ayrshire, and two other people with him were showered with glass.

Chief Inspector David Peake, of Gloucestershire Police, said: "The occupants of the Jaguar motor car sustained minor cuts as a result of flying glass and were very traumatised as a result of this serious incident."

The two cars used to trap the Jaguar were later found burnt out not far from the crime scene.

The 63-year-old Scot, said to be the favourite bookie of Irish businessman J P McManus, is known in the racing fraternity as "fearless Freddie", and willing to accept large bets.

BBC racing correspondent Cornelius Lysaght said: "He took a �100,000 bet on the first winner yesterday, Reveillez, which came in at six-to-one."

Sources at the racecourse said the amount stolen from Mr Williams was believed to be about �70,000.