Legendary jockey Frankie Dettori has been unable unable to pay his £765,000 tax debt following the liquidation of his companies.
The 55-year-old said last year he had been left ’embarrassed’ after being forced to file for bankruptcy having failed to find an agreement with HMRC over his long-running tax avoidance case.
On Wednesday, Companies House published an update to the liquidation of Frankie Dettori Limited and Newmarket Activities Limited showing there were no funds to repay the debts.
The total amount owed to HMRC as of last October was £765,000 and £6,391 to a car leasing company.
When combined with liquidator costs the total reached £888,799.
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.
Frankie Dettori (right) was unable to pay his £765,000 tax debt after being made bankrupt
His financial situation became public knowledge when his plea for anonymity 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-£20m in earnings from racing alone, with his best year for prize money being 2019 when horses he rode on £7.3m.
More to follow…