Legendary jockey Frankie Dettori had planned to close one chapter of his life and begin another, but instead, he’s facing a financial storm that has left him both shocked and embarrassed.
Despite stepping away from British racing in October 2023 and shifting his focus to the United States, his financial troubles have come to light, forcing him to take drastic action.
A Glittering Career Overshadowed
Dettori, widely regarded as the most famous flat jockey in the world, has ridden more than 3,300 winners throughout his illustrious career.
His last 30 victories in the UK alone earned connections an impressive £5.5 million.
However, a long-standing tax dispute with HMRC has cast a dark shadow over his achievements.
The Tax Battle Unfolds
The first sign of trouble emerged in December when it became public knowledge that Dettori had sought anonymity regarding his financial issues.
His request, initially lodged in November, was denied by the High Court, revealing the extent of his troubles.
The case stemmed from advice given by a financial specialist he had trusted to manage his money—a decision he now deeply regrets.
A Costly Mistake
Dettori acknowledges that his financial mismanagement has had severe consequences.
Despite reportedly earning between £15-£20 million from racing alone—his peak year being 2019 when he rode to £7.3 million in prize money—he now finds himself in a financial bind.
Even with business ventures outside of racing, the extent of his liabilities has left him with no alternative but to file for bankruptcy.
An Emotional Response
In a statement to Mail Sport, Dettori expressed his disappointment and regret, acknowledging that the bankruptcy process will have long-term repercussions.
“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.”
A Shift in Management and Future Plans
Back in July 2023, Dettori unexpectedly parted ways with his long-time agent, Peter Burrell.
While both parties insisted their professional split was amicable, the timing raised eyebrows.
Since then, his affairs have been managed by Howard Kruger’s H Talent Management, but his financial struggles persisted.
What’s Next for Dettori?
While there’s no clear indication of how much Dettori owes to HMRC, court records reveal that he attempted to delay proceedings as early as 2019.
He later sought to have the case heard privately in 2020, but his efforts were ultimately unsuccessful.
Now based in California, Dettori remains focused on his riding career in the United States.
Whether he can rebuild his finances and reputation remains to be seen, but his story serves as a stark reminder of the importance of staying in control of one’s financial affairs—even for the most successful athletes.