Frankie Dettori files for bankruptcy with famous jockey left ‘saddened and embarrassed’

Frankie Dettori has released a statement to announce he is filing for bankruptcy with the famous jockey left ‘saddened and embarrassed’.

The Italian, 54, based in England for a horse racing career which spanned over 35 years, has earned an estimated £15m to £20m from riding.

But Dettori got caught up in an alleged tax avoidance scheme and failed to find an agreement with His Majesty’s Revenue & Customs (HMRC).

Dettori, who stopped riding in Great Britain in October 2023 before taking up a new opportunity in the United States, is hoping he can now ‘reset and focus’ on his international career.

‘For the last six-months, my advisors have been working with HMRC in an attempt to find a solution to my financial situation,’ his statement read.

‘Regretfully, I will be filing for bankruptcy. I am saddened and embarrassed by this outcome and would advise others to take a stronger rein over their financial matters.

‘Bankruptcy is a major decision and its consequences will affect me for many years.

‘I am relieved to be drawing a line on this long-term matter, which enables me to reset and focus on my international riding career.’

Dettori’s financial problems came to light in December after he lost an appeal for anonymity, with his plea dismissed by the High Court.

After being named publicly, Dettori said he had been ‘working closely’ with HMRC to ‘unravel the mess’ he claimed he’d been put in by ex-advisers.

The three-time British flat racing champion jockey released a statement at the time, which read: ‘A few years ago, I employed the services of professional specialist tax advisers to look after mine and my family’s financial affairs.

‘A structure was created and I was told that it had been approved by HMRC. Years later HMRC is now challenging that structure. My former advisers have since been dismissed.’

Dettori has ridden more than 3300 winners during his illustrious career and his final 30 successes in the United Kingdom gained connections £5.5m.

Awarded an honorary MBE for services to racing in 2001, Dettori rode the winners of 287 Group 1 races, including 23 winners of the British Classic Races.

This year, Dettori has ridden 11 winners, earning just over $1m (£772,500) in the process.

There is no currently indication on how much Dettori owed to HMRC.

Dettori asked for his case to be paused in 2019 and requested for it to be heard in private a year later.

Outside of horse racing, Dettori has worked on TV, appearing as a team captain on British quiz show A Question of Sport from 2002 to 2004.

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