Frankie Dettori has revealed he has filed for bankruptcy in an emotional statement.
The legendary jockey is ranked in the top 50 highest-earning riders in the world having amassed career earnings of almost £160million.
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However, he was recently unsuccessful in an attempt to resolve his financial difficulties with HMRC.
Dettori was revealed by the Upper Tribunal in December to be in a dispute with HMRC over a scheme to reduce his income tax payments.
The 54-year-old had sought anonymity but saw it lifted after applications were made by HMRC and the media.
Confirming he was filing for bankruptcy 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.”
Dettori previously said after being named publicly that he had been ‘working closely’ with HMRC to ‘unravel the mess’ he claimed he was left in by his former advisors.
The Italian insisted the outstanding amount owed to HMRC had been paid before his anonymity was lifted.
At the time, he explained: “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.”
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During his career, which saw him spend 35 years racing in Britain, Dettori won 287 Group 1 races.
He is also a three-time British flat racing Champion Jockey, achieving the feat in 1994, 1995 and 2004.
Dettori had announced in 2022 that he planned to retire after a ‘farewell tour’ the following year.
However, he reversed his decision towards the end of 2023, instead relocating to California.
The veteran jockey has since been competing in the USA and on the international circuit.
Dettori has since switched his base to Florida, where he has been since last month.
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In 2024 alone, he rode 81 winners to earn more than $13million (£10million) in prize-money.
Meanwhile, 11 wins already this year have accumulated just over $1million (£770,000) in winnings for Dettori.
