‘Saddened and embarrassed’ Frankie Dettori files for bankruptcy

Horse racing legend Frankie Dettori, perhaps the world’s most famous jockey, has shockingly announced his is filing for bankruptcy, admitting he is “saddened and embarrassed by this outcome.”

Dettori has had ongoing issues with HMRC and revealed in a statement that he had been unsuccessful in his effort to resolve the financial difficulties he is in.

The 54-year-old Italian 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.”

HMRC are unable to comment on identifiable individuals or businesses due to strict confidentiality rules a HMRC spokesperson said: “We take a supportive approach to dealing with customers who have tax debts and do everything we can to help those who engage with us to get out of debt, such as offering instalment plans.”

In December 2024, it was revealed that Dettori was involved in a dispute with HMRC over a scheme to reduce his income tax payments and although he applied for anonymity during proceedings, reporting restrictions were lifted after applications by HMRC and the media to the Upper Tribunal Court.

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.”

Dettori is a three-time champion flat jockey and he burst to prominence in 1996 when he made history by riding seven winners on the same day at Ascot.

He had a huge profile outside racing and served as a captain on iconic British quiz show A Question of Sport from 2002 to 2004, while also appearing on Celebrity Big Brother in 2013 and I'm a Celebrity...Get Me Out of Here! in 2023, although he was voted out first in the latter. He also opened several Italian restaurants in partnership with chef Marco Pierre White.

He rode his final race in Great Britain in October 2023 and enjoyed a fairytale ending when he produced a storming ride to go from last to first on King Of Steel in the Champion Stakes at Ascot.

He was initially set to retire from racing but opted to continue his career in the USA, where he moved with his wife Catherine and stated: “I should have done this ten years ago.” He was initially based in California before moving to Florida last month.

Dettori’s net worth had previously been estimated at £15m and during his first year in the USA, he rode 81 winners – earning more than $13m in prize money – including Grade 1 victories in the Santa Anita Handicap, Jenny Wiley Stakes and Malibu Stakes. He has ridden 11 winners already in 2025, earning himself more than $1m in prize money.