The administrators of the troubled BC3 Thoroughbreds say there is no link between the company which races horses and the so-called punters' club run by Bill Vlahos.

Vlahos is being sued by one of the investors in the "The Edge" but the whereabouts of $194 million the club supposedly earned is unknown.

He resigned as chairman of BC3 earlier this week after he was allegedly bashed and his vehicle containing his laptop was torched at his property in country Victoria.

BC3 is now in voluntary receivership with Moore Stephens appointed as administrators.

Moore Stephens issued a statement on Saturday in response to reports BC3 was financially linked to the punters club.

"In particular, it has been reported that BC3 Thoroughbreds Pty Ltd deposited $1 million into the punters club on 21 January. This is incorrect," the statement said.

Moore Stephens said an investigation of BC3's bank statements showed no record of such a transaction or anything that suggested the company was involved in the punters' club.