Mick Channon is to undergo extensive surgery today after a Mercedes in which he was travelling crashed into a concrete post on the M1 in Leicestershire on Wednesday. Tim Corby, a bloodstock agent and close friend, who was driving the car, died in the accident.

Although Channon, 59, suffered severe multiple injuries, a spokesperson at the Queen's Medical Centre in Nottingham yesterday described his condition as stable. However, the leading trainer and former England international footballer suffered fractured ribs, a broken arm, a broken jaw and a punctured lung. He is also understood to have sustained damage to his back.

Channon's son Jack, at 15 the youngest of his four children, was also in the car. He was undergoing precautionary medical tests last night, but is believed to have escaped serious injury.

Having been airlifted to hospital and spent Wednesday night in intensive care, Channon was able to communicate yesterday from his bed. “Mick is absolutely devastated at the loss of Tim,” Michael, Channon's elder son, said. “Tim was a friend of his for more than 30 years. He will be sorely missed, most of all by his family. Our hearts go out to Sheila [Corby's wife] and Adriana [their daughter].”

Corby, 63, owned horses that were invariably trained by Channon. He was a regular fixture at Channon's West Ilsley stables, near Newbury. He was well known throughout the sport, having bought and raced Katchit before selling the horse on to Alan King, who saddled him to win the Champion Hurdle in March.

The accident happened when Corby was driving the Channons home from a day at the Doncaster yearling sales. Several racing professionals subsequently passed the scene of the crash, near junction 24, without realising who was involved.

Corby and Channon often worked the yearling sales in tandem. So much so that Corby was a valued member of the team that bought yearlings for Channon's biggest patron, the Dubai businessman, Jaber Abdullah.

Bruce Raymond, Abdullah's racing manager, described Corby as “an all-round good guy”. Abdullah often asked Corby for a second opinion before he bought horses at public auction. “Tim was a good judge,” Raymond said. “He was always round at Mick's, where he was part of the furniture. It is a very sad day all round, even though, by all accounts, Mick is very lucky to be alive.”

Abdullah owns about 50 of the 200 horses Channon has in training at West Ilsley, which he bought from the Queen in 1999. After visiting the stable yesterday, Raymond said it would be “very much business as usual”. Joe Tuite, Channon's principal assistant, is taking charge of day-to-day affairs.

“There are absolutely no concerns on that score because Mick's team is very experienced,” Raymond said. “We don't know how long Mick will be in hospital. From his injuries, it looks like he could be there for some time, but I'm sure it won't be long before he is on the phone, running things from his hospital bed.”

Channon has made a great success of training since he took out a licence in 1989. An enthusiast from his footballing days, when he played more than 500 matches for Southampton and won 46 England caps, Channon advanced quickly to a position where he is now among the best in the business.

His horses have amassed more than £1million in prize-money already this season. His biggest triumph came when Youmzain won the Grand Prix de Saint-Cloud in July, the same horse having failed by a head to lift Europe's most coveted prize, the Prix de l'Arc de Triomphe, last October.

Corby's loss will be keenly felt by the bloodstock community. He was renowned for his love of horses and a positive outlook in all circumstances. Trading at the Doncaster sales opened yesterday with a minute's silence in his memory. The mood throughout proceedings was subdued.