Frankie Dettori: Legendary jockey files for bankruptcy leaving him ‘saddened and embarrassed’ | Racing News

The world’s most famous jockey Frankie Dettori has revealed he will be filing for bankruptcy.

The decorated Italian, who was won hundreds of Group One races all over the world, says he has been unsuccessful in efforts to resolve financial difficulties with HMRC.

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.”

The 54-year-old cancelled his plans to retire from the saddle in 2023 and has since ridden full-time in the USA.

The rider lost a challenge over his anonymity in proceedings at a specialist tax tribunal in December, allowing him to be named after using a “tax avoidance scheme”.

At the time, Dettori 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.”