Frankie Dettori‘s embarrassment after being made bankrupt is complete after it emerged he had been unable to pay a bill of more than £750,000 to the taxman.
The three-time champion jockey has been involved in a long-running wrangle with HMRC and in December 2024 said he had been ‘working hard to unravel the mess that I have been put in’ by a financial adviser.
No solution was found, though, and Dettori — the most famous face in horse racing for almost 30 years and one of the most successful jockeys of all-time — was declared bankrupt in March.
And in an update to the liquidation of Frankie Dettori Limited and Newmarket Activities Limited published on Companies House, it emerged yesterday there were no funds to repay creditors.
It is a remarkable situation for Dettori, who rode more than 3,300 winners during his glittering career and who famously had seven victories from seven rides at Ascot in September 1996, which came to be known as ‘The Magnificent Seven’ and led to lucrative spin-off deals.
The total amount owed to HMRC as of last October was £765,000 and £6,391 to a car leasing company. Combined with liquidator costs, the bill reached £888,799, which is set to be largely footed by the taxpayer.
Frankie Dettori – pictured here at Royal Ascot in 2024 with the Duchess of Edinburgh – was unable to pay his £765,000 tax debt after being made bankrupt
Dettori is one of the sport’s most recognisable figures and propelled racing to a wider audience with his persona and charismatic personality
Dettori, 55, is estimated to have earned up to £20million fromracing alone during his career. His best year for prize money was 2019 when horses he rode brought in £7.3m as he dazzled at Royal Ascot and partnered the starfilly Enable for his long-time supporter John Gosden.
The latest report to Companies House said: ‘Assuming thatrealisations and expenses are as anticipated, it is not expected that there will be a return to unsecured creditors due toinsufficient funds. This is subject to change based on the finaloutcome of our investigations.’
The charismatic Italian, who is currently in South America fulfilling the dream of riding in countries such as Argentina, Uruguay and Brazil, will be automatically discharged from bankruptcy on March 17.
When his bankruptcy came to light last year, he said in a statement shared with Daily Mail Sport: ‘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.’
The strategy, which a financial adviser proposed, involved making large ‘tax-deductible’ payments, over five years, into a trust which then made large ‘non-taxable’ payments back to him. This is known as‘disguised remuneration’ and HMRC deemed the trust a sham.
Queen Elizabeth II presents Dettori with a winners prize at Ascot Racecourse in October 2017
‘He signed some documents and claimed that, even though nothing really changed, he now owed a lot less tax,’ Dan Neidle, founder of independent tax think tank Tax Policy Associates, previously told Daily Mail Sport.
‘The idea the payments to the trust were tax-deductible is beyond stupid.’
After he closes that chapter on a 35-year racing career he will stay in the sport, taking a full-time position as global brand ambassador for Amo Racing, the venture of football agent Kia Joorabchian.
Dettori (left) has not ridden in Britain since October 2023, when he gave Joorabchian’s horse King Of Steel a sublime ride in the QIPCO Champion Stakes to win the Group One contest.
