Legendary jockey Frankie Dettori is unlikely to be able to settle a massive tax bill owed to HM Revenue and Customs (HMRC), according to a new report from the liquidators handling his company's affairs.
The Scale of the Debt and Bankruptcy
The financial update, published by Companies House, reveals that Dettori owes £765,542 to HMRC. This debt stems from his involvement in a tax avoidance scheme that has since been challenged by the tax authority. With additional debts, including £6,391 to a car leasing company and the liquidators' fees, the total liabilities are approaching £900,000.
In a stark assessment, the progress report from liquidator Scott Bevan states: "Assuming that realisations and expenses are as anticipated, it is not expected that there will be a return to unsecured creditors due to insufficient funds." This indicates that HMRC and other creditors are not projected to recover the money owed.
From Voluntary Liquidation to Creditors' Winding Up
The report details the timeline of the financial collapse. Dettori's company, Frankie Dettori Ltd, was initially placed into a Members Voluntary Liquidation in October 2024. However, in April 2025, this was converted into a Creditors' Voluntary Liquidation at the specific request of HMRC.
HMRC has raised significant concerns that the company and an associated entity, Newmarket Activities Limited, were used for tax avoidance purposes. The liquidator's investigations into these matters are described as "still in their infancy," with several lines of enquiry being pursued with the help of solicitors.
Dettori's Statement and Career Focus
The 55-year-old racing icon, who relocated to the United States in 2023, publicly addressed the issue last year. He explained that the problems arose after he employed specialist tax advisers to manage his family's finances. "A structure was created and I was told that it had been approved by HMRC," Dettori said. "Years later HMRC is now challenging that structure. My former advisers have since been dismissed."
In March, Dettori made the shock announcement that he was filing for bankruptcy, calling it a "saddened and embarrassing" outcome. He advised others to take a stronger hand in their financial matters. Despite the ongoing proceedings, Dettori is currently on a farewell tour in South America and plans to retire from riding after appearances in Brazil in February. He is then set to begin a new role as a global brand ambassador for Amo Racing.
