Jockey great Dettori files for bankruptcy after UK tax case

Frankie Dettori said he felt “embarrassed” after filing for bankruptcy following the celebrated jockey’s failure to reach an agreement with British authorities regarding a long-running case of tax avoidance.

The 54-year-old Italian, a mainstay of the British and European flat-racing scene for decades and one of the world’s best-known jockeys, has ridden more than 3,300 winners during his career.

He stopped riding in Britain in 2023 but ditched plans to retire by deciding to continue his career in the United States.

It is estimated Dettori, now based in California, has earned between £15-£20 million ($19-26 million) from racing alone.

Dettori’s financial situation became public knowledge in December when his plea for anonymity –- lodged on November 22 –- was dismissed by a High Court judge.

The case was brought against Dettori after he had employed a specialist advisor to look after his and his family’s financial affairs.

Dettori has admitted this was a serious error and in a statement shared Thursday with several British media outlets, he said: “For the last six-months, my advisors have been working with HMRC (His Majesty’s Revenue and Customs) 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. 

“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.”.

There is no indication how much Dettori, who partnered 287 Group One winners and rode all seven winners in one meeting at Ascot in September 1996, causing one independent on-course bookmaker to lose more than £1 million, owed to HMRC — the UK’s tax authority.