Iconic jockey Frankie Dettori has admitted that he’s been left “saddened and embarrassed” – after revealing he will file for bankruptcy.
Legendary jockey Frankie Dettori has revealed that he will be filing for bankruptcy.
The Italian horse racing icon says he is “saddened and embarrassed” by the outcome after being unsuccessful in efforts to resolve financial difficulties with HMRC.
He stepped away from riding in Great Britain in 2023 amid plans to retire – but put those plans on hold to take up an opportunity in the United States.
Dettori, 54, has claimed 14 Breeders’ Cup victories and is a nine-time Ascot Gold Cup winner – including three consecutive wins between 2018 and 2020 on Stradivarius. He was triumphant in the Santa Anita Handicap and Jenny Wiley Stakes, two major races in America, last year.
In a statement, Dettori said: “For the last six months, my advisors have been working with HMRC in an attempt to find a solution to my financial situation. 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.”
Speaking in December, he added: “A few years ago, I employed the services of professional specialist tax advisors 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 advisors have since been dismissed. My new advisors – and management team – are working hard to unravel the mess that I have been put in. They are also working closely with HMRC to resolve the matter as swiftly as possible.”
Dettori first tasted victory as a jockey at Goodwood in June 1987 and he has since been crowned British flat racing Champion Jockey three times. It’s thought that he’s raked in over £153million from his illustrious racing career – with his individual net worth previously estimated to be around £18million.
