Joorabchian told Sun Racing: “I told Kevin thank you very much. This was a collective decision on and off the racetrack.
“We have decided not to renew his contract for next season. It was always a one-year contract.”
Joorabchian added: “We have done everything that we promised, he (Stott) has done everything he promised and we have parted ways, nothing more than that.
“I’ve never had a problem with jockeys. I never fell out with Rossa (Ryan), I love him more than anybody, he rode at Royal Ascot for me.
“He was my only retained jockey, he needed to go out on his own and get experience. I have supported him and he is thriving.
“But you know, Kevin is not a young boy, he has experience. For reasons outside of racing, I have to decide what’s best.
“I don’t know what jockeys we’ll use now, I’ll leave it to the trainers to pick the best available.”