Frankie Dettori expressed that he is “saddened and embarrassed” after revealing his decision to file for bankruptcy.
The renowned jockey, a three-time champion in Britain, has since moved to the United States, putting aside his earlier plans to retire.
In a statement, Dettori said: “Over the past six months, my advisors have been working closely with HMRC to resolve my financial situation.
“Unfortunately, I will now be filing for bankruptcy.
“I am saddened and embarrassed by this outcome and would urge others to maintain tighter control over their financial affairs.
“Bankruptcy is a significant step, and its impact will stay with me for many years.
“However, I am relieved to finally close this long-standing chapter, allowing me to reset and concentrate on my international riding career.”
The jockey previously lost a bid to remain anonymous in proceedings at a specialized tax tribunal in December, which led to his name being disclosed after he participated in a “tax avoidance scheme.”
At the time, Dettori stated: “Several years ago, I enlisted the services of professional tax advisors to manage my family’s financial affairs.
“A structure was established, and I was assured it had HMRC’s approval.
“Years later, HMRC is now contesting that structure. I have since dismissed my former advisors.
“My new advisors and management team are working diligently to resolve the situation I’ve been placed in.”
In December 2022, Dettori announced his intention to retire from his illustrious riding career by the end of the following year.
However, 2023 proved to be a standout year for him, with major victories aboard horses like Chaldean in the 2000 Guineas, Courage Mon Ami in the Ascot Gold Cup, and Mostahdaf in the Juddmonte International. These successes prompted him to reconsider his retirement plans.
Instead of stepping away, Dettori chose to relocate to America, where he has continued to achieve success on the track, including an impressive streak of six consecutive wins at Santa Anita in April last year.
Beyond racing, Dettori’s fame extends to television, having served as a team captain on the BBC’s A Question of Sport, participated in the 2013 series of Celebrity Big Brother, and appeared on I’m A Celebrity…Get Me Out Of Here in 2023 before his move to the U.S.