The celebrated career of flat racing icon Frankie Dettori has been overshadowed by a significant financial collapse, with official documents confirming his companies have been liquidated leaving a substantial tax debt unpaid.
Liquidation Leaves HMRC Debt Unpaid
An update published by Companies House this week revealed that the liquidation of Frankie Dettori Limited and Newmarket Activities Limited has concluded with no funds available to repay creditors. The primary debt was owed to HM Revenue and Customs (HMRC), which was due a total of £765,000 as of October last year. A further £6,391 was owed to a car leasing company.
When combined with the costs of the liquidation process, the total liabilities reached £888,799. The 55-year-old jockey, who publicly described feeling 'embarrassed', was forced into bankruptcy after failing to reach a settlement with HMRC over a long-running tax avoidance case.
A Costly Error and a Career of Success
Dettori's financial troubles became public knowledge when the High Court dismissed his plea for anonymity. The case stemmed from his decision to employ a specialist advisor to manage his and his family's financial affairs, a move he has since admitted was a 'grievous error' with long-term ramifications.
This financial downfall stands in stark contrast to a glittering career on the track. It is estimated Dettori amassed between £15 million and £20 million in earnings from racing alone. His most lucrative year was 2019, when horses he rode earned £7.3 million in prize money. During his final UK season before relocating to the United States in October 2023, his last 30 domestic winners earned connections a remarkable £5.5 million.
What Happens Next?
Despite shelving retirement plans to pursue opportunities in American racing, the bankruptcy and company liquidation mark a profound personal and financial setback for the world's most famous flat jockey. The case highlights the severe consequences of complex tax arrangements, even for high-earning sports stars. Dettori's story serves as a cautionary tale about financial management, regardless of the scale of one's income.
