Legendary jockey Frankie Dettori has revealed he is filing for bankruptcy after falling into financial ruin.
The Italian admitted on Thursday that he has been unsuccessful in resolving his monetary problems with HMRC, stating he was "embarrassed". Dettori is considered the most famous and arguably greatest rider ever, claiming 40 victories at Royal Ascot alone.
He won his first race as a jockey at Goodwood all the way back in June 1987 and was crowned British flat racing Champion Jockey three times. It is understood that he has earned over £153million from racing throughout his highly lucrative career, having been estimated to boast a net worth of around £18m beforehand.
However, that wealth is now at risk, with the 54-year-old working with HMRC to try to resolve his financial situation. His statement read: "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."
It came after news that Dettori was engaged in a dispute with HMRC last December. The iconic rider had tried to suppress his name from being published. He lost his appeal to the Upper Tribunal court after both HMRC and the media made applications.
He had said at the 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.
"My new advisers and management team are working hard to unravel the mess that I have been put in. They are also working closely with HMRC to resolve the matter as swiftly as possible."
Dettori currently lives in California after most of his career in the United Kingdom. The Milanese jockey retired in December 2022 at the end of that season before performing a U-turn in 2023.
He said: "Hi everyone, Frankie here. I'm in London promoting British Champions Day, which will be my last day riding in England, but I have a scoop for you guys. I have decided to prolong my career, and I'm going to go to the United States next year. Keep on following me!"
