Frankie Dettori: Jockey ’embarrassed’ after filing for bankruptcy
Jockey Frankie Dettori declared he is “saddened and embarrassed” after announcing he is filing for bankruptcy.
The three-time champion jockey in Britain is now based in America after shelving earlier plans to retire.
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.
“I am relieved to be drawing a line on this long-term matter, which enables me to reset and focus on my international riding career.”
The rider lost a challenge over his anonymity in proceedings at a specialist tax tribunal in December, allowing him to be named after using a “tax avoidance scheme”.
At the time, Dettori 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.”
Dettori bankruptcy follows retirement U-turn
In December 2022, Dettori announced he would bring the curtain down on his glittering riding career at the end of the following year.
He enjoyed a golden 2023, with big-race glory aboard the likes of 2000 Guineas hero Chaldean, Ascot Gold Cup scorer Courage Mon Ami and Juddmonte International winner Mostahdaf prompting a rethink of that decision.
Instead, he reversed his retirement call, opting to relocate to America, where he has continued to ride winners on a regular basis, notably winning six consecutive races at Santa Anita in April last year.
Dettori’s fame also extends beyond racing, having been a captain on BBC programme A Question Of Sport, as well as taking part in the 2013 series of Celebrity Big Brother and I’m A Celebrity…Get Me Out Of Here in 2023 before departing for America.
PA