Bloodstock agent and racehorse owner Tim Corby, who grew up at Titchmarsh in Northamptonshire and had a house in the village, was returning from a day at horse sales in Doncaster with trainer and former footballer Mick Channon when their car was involved in an accident.

Leicestershire Police said Mr Corby died when the silver Mercedes he was driving left the motorway at junction 24 of the M1, near Kegworth, and hit a concrete pillar. He was pronounced dead at the scene.

Mr Corby, who bought last year's Champion Hurdle winner Katchit, leaves his wife, Sheila, and daughter Adriana.

Titchmarsh resident Joan Wood, 88, had known Mr Corby since he was a child. She said: "It's such a shock and terrible news. We were friends and used to ride ponies and go on the hunt together.

"I used to breed horses and he would regularly come down here to see me; for a while some of his horses were also at my stables."

Carol Roche, landlady at The Dog and Partridge pub in Titchmarsh, near Thrapston, also knew Mr Corby.

She said: "We have only been at the pub for a year or so but he would regularly come in if he was in the village.

"It's such a shame, I'm shocked and saddened at the news. He was a lovely man."

Although Mr Corby, 63, still owned a house in Titchmarsh, he lived at Newbury, Berkshire.

Mr Channon was expected to have further surgery today after suffering broken ribs, a broken arm, fractured jaw and punctured lung in the car crash on Wednesday afternoon.

The former England and Southampton striker and his 15-year-old son Jack, were taken to the Queen's Medical Centre in Nottingham by air ambulance.

Mr Channon's son Michael Channon said: "Tim was a friend of Mick's for over 30 years. He was a renowned figure in the racing scene who was universally popular in the industry and he will be sorely missed by all of his many friends and, most of all, the Corby family."

One of Mr Corby's biggest successes as an owner came when Halicarnassus won the Rose Of Lancaster Stakes at Haydock last year, ridden by Tadhg O'Shea.

Mr O'Shea said: "He'll be sadly missed. It's a terrible shock, especially to Mick himself, who had been friends with him for a very long time."

Jockey Tony Culhane was also a close friend of Mr Corby.

He said: "He was not only a business colleague, he was a true friend as well.

"The thing that I remember most about him is that he may sell a horse but he took such pride in their achievements even after they had left him because it gave someone else pleasure, it gave him great satisfaction.

"He was an all-round good horseman."