Racing identity Philip Vela has died peacefully today at his home at Te Kowhai in the Waikato following an illness.

Vela founded New Zealand Bloodstock with his brother Peter after buying Wrightson Bloodstock in 1997.

The brothers, who also operated one of New Zealand's largest fishing companies, bred and raced many good horses, most notably 2001 Caulfield and Melbourne Cups winner Ethereal.

In 2013, the brothers amicably split their business interests with Sir Peter Vela taking control of the bloodstock holdings and Philip taking sole charge of Vela Fishing, an enterprise started by their father Filip who emigrated from Croatia in 1920.