Legendary jockey Franke Dettori ‘saddened and embarrassed’ after submitting for chapter

Legendary horse racing jockey Frankie Dettori has announced he is ‘saddened and embarrassed’ to be filing for bankruptcy in a shocking statement

Legendary horse racing jockey Frankie Dettori has announced he is filing for bankruptcy.

Dettori revealed in a statement that he is ‘saddened and embarrassed’ to state that he has run into financial difficulties with HMRC.

The Italian won his first race as a jockey at Goodwood in June 1987 and was crowned British flat racing Champion Jockey three times. Dettori has since moved to ride full-time in the US in 2023.

Announcing in a shock statement, Dettori revealed he has been unsuccessful in efforts to resolve his financial difficulties, saying: “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 is it was disclosed that Dettori had been involved in a dispute with HMRC last December. The 54-year-old sought anonymity during proceedings to reduce his income tax payments, but this was lifted following applications to the court 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 raced the vast majority of his career in the UK, but moved to California in 2023 after making a U-turn on his retirement plans. In December 2022, Dettori announced: “Hi everyone, Frankie here.

“I’m in London promoting British Champions Day which will be my last day riding in England, but I have a scoop for you guys, I have decided to prolong my career and I’m going to go to the United States from next year. Keep on following me!”