International riding star Frankie Dettori has announced he is filing for bankruptcy.
In a shock statement, Dettori revealed he had been unsuccessful in efforts to resolve financial difficulties with His Majesty's Revenue & Customs, the national taxing authority of the United Kingdom.
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."
In December last year, Dettori was revealed by the Upper Tribunal court as being involved in a dispute with HMRC over a scheme to reduce his income tax payments. The rider had sought anonymity during the proceedings, but this was lifted following applications to the court by HMRC and the media.
After being named publicly, Dettori released a statement saying he had been "working closely" with HMRC to "unravel the mess" he said he had been put into by former advisers. The jockey also insisted that the outstanding amount owed to HMRC had been paid prior to the anonymity order being lifted.
Dettori, a three-time champion flat jockey in Britain, said at that time: "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."
The validity of the structure established for Dettori to reduce his income tax payments was challenged by HMRC with the rider asking for the case to be paused in 2019. He later applied for the hearing to be private, with a subsequent judge allowing Dettori to be anonymized in 2022.
Dettori, 54, has been based in the United States since reversing his decision to retire from riding at the end of 2023. Having initially set up in California, Dettori switched his base to Florida last month.
Last year, Dettori, whose net worth had previously been estimated at £15 million, rode 81 winners in North America with his mounts earning more than $13 million in earnings. Among those wins were three top-level victories in the Malibu Stakes (G1), the Jenny Wiley Stakes (G1T), and the Santa Anita Handicap (G1).
Dettori has ridden 11 winners this year with his rides earning just more than $1 million.
