Renowned jockey Frankie Dettori said he will file for bankruptcy after being unable to resolve financial difficulties with British tax and revenue authorities.
Racing Post reported that Dettori stated his plans to file bankruptcy with His Majesty's Revenue & Customs.
“For the last six months, my advisors have been working with HMRC in an attempt to find a solution to my financial situation," the statement read. "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."
In December, a British court revealed that Dettori was involved in a dispute with HMRC over a plan to reduce his income tax payments, according to the Racing Post report. He sought anonymity during the proceedings, but this was lifted following applications to the court by HMRC and the media.
Dettori said in a statement at the time that he had been “working closely” with HMRC to “unravel the mess” he said he had been put into by former advisers, according to the report. The jockey also said that the outstanding amount owed to HMRC had been paid prior to the anonymity order being lifted.
Dettori also said then that tax advisers created a structure for his family's affairs and that he was told the plan had been approved by HMRC, according to the report.
Dettori, winner of 15 Breeders' Cup races, has been based in the U.S. since changing his mind about retiring at the end of 2023. He won 18 graded stakes last year, including the Grade 1 Malibu and Jenny Wiley.
He moved his tack from California to Florida this year, and he has a record of 95: 11-8-12 this year.
