Legendary jockey Frankie Dettori has revealed he’s filing for bankruptcy after running into financial difficulties with HMRC. The Italian is considered one of the greatest riders of all time, boasting 40 victories at Royal Ascot alone.
Dettori won his first race as a jockey at Goodwood in June 1987 and was crowned British flat racing Champion Jockey three times. He’s believed to have earned over £153 million from racing across his illustrious career and had been estimated to have an individual net worth of around £18 million.
Dettori’s wealth is now at risk, though, with the 54-year-old working with HMRC to try and resolve his financial situation. In a statement, he 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.”
It comes after it was disclosed that Dettori had been involved in a dispute with HMRC last December, with the rider having attempted to suppress the publishing of his name. He lost his appeal with the Upper Tribunal court following applications made by HMRC and the media.
Speaking at the time, he said: “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. My new advisers 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, who spent most of his career living in the United Kingdom, is currently residing in California. It comes after the Milan-born star backed down from plans to retire in 2023.