Legendary flat jockey Frankie Dettori says he is ‘saddened and embarrassed’ to be filing for bankruptcy.
Dettori, 54, revealed in a statement he was unable to resolve financial difficulties with HMRC following six months of negotiations to find an agreement.
With regret, Dettori explained he is filing for bankruptcy and advised others to ‘take a stronger rein over their financial matters,’ admitting the consequences will loom over him for the foreseeable future.
What is bankruptcy?
Bankruptcy is often the easiest way out of extreme debt for those who can’t afford to pay up. It is a legal proceeding which begins when an individual or business can’t repay outstanding debts or obligations.
Dettori’s net worth is believed to be between £15 and £18 million. At the end of 2024, it was reported the Italian was in hot water with HMRC over unpaid taxes.
The three-time British champion jockey 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.”
🚨 Away from Cheltenham… Frankie Dettori has announced he is filing for bankruptcy pic.twitter.com/dAlR64bJni
— Racing TV (@RacingTV) March 13, 2025
Frankie Dettori won 23 Classics during a 35-year career in Britain
Dettori is widely considered one of the greatest flat jockeys of all-time, winning 23 Classics and 287 Group 1 races.
He famously rode all seven winners on British Festival of Racing Day at Ascot Racecourse on 28 September 1996.
Dubbed the ‘magnificent seven,’ Dettori cost the bookmakers an estimated £40 million with cumulative odds of 25,051-1 on each ride.
In December 2023, he moved to California to pursue a riding career in the United States and on the international circuit.
