- Dettori admits he will be affacted ‘for many years’ after declaring bankruptcy
- The legendary jockey had been trying to find a solution to his issues with HMRC
- It is estimated that he has earned between £15m and £20m from riding
Frankie Dettori has been left ’embarrassed’ after being forced to file for bankruptcy having failed to find an agreement with HMRC over a long-running tax avoidance case.
The world’s most famous flat jockey stopped riding in Britain in October 2023 but shelved plans to retire by deciding to take up a new opportunity in the United States. He’s ridden more than 3300 winners during his career and his final 30 successes in the UK gained connections £5.5million.
His financial situation became public knowledge last December when his plea for anonymity – lodged on November 22 – was dismissed by the High Court. The case was brought against Dettori after he had employed a specialist advisor to look after his and family’s financial affairs.
Dettori has admitted this was a grievous error, one that is going to have long term ramifications. It is estimated that he amassed between £15-£20million in earnings from racing alone, with his best year for prize money being 2019 when horses he rode on £7.3million.
The 54-year-old, who is currently based in California, has also had other significant business ventures but such was the mess in which he found himself embroiled, he has now been left with no option but to file for bankruptcy. He intends to keep riding in the United States.
In a statement shared with Mail Sport, 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.
Frankie Dettori has declared himself bankrupt after failing to find a solution with HMRC
The legendary jockey admitted he was ’embarrassed’ and that it would affect him for years
The former I’m a Celebrity… Get Me Out of Here! intends to continue riding in the USA, despite stopping in Britian in October 2023
‘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.’
It came as huge surprise in July 2023 that Dettori had jettisoned his long-standing agent Peter Burrell but the pair insisted at the time their relationship had come to a natural end with rider heading to California; his affairs are now looked after by Howard Kruger’s respected H Talent Management.
There is no indication on how much Dettori – who partnered 287 Group One winners and rode all seven winners at Ascot in September 1996 during his pomp – owed to HMRC but it was revealed in court he asked for this case to be paused in 2019, then asked for it to be heard in private in 2020.
