Frankie Dettori, one of the most iconic figures in horse racing, is facing perhaps the most humbling chapter of his illustrious career as he grapples with bankruptcy and a staggering tax debt. The 55-year-old, celebrated for his flamboyant personality and legendary exploits on the track, now finds himself unable to pay over £765,000 owed to HM Revenue & Customs (HMRC) following the liquidation of his companies, Frankie Dettori Limited and Newmarket Activities Limited.
The story, which has captivated both racing aficionados and the general public, began to unfold in late 2024 when Dettori lost a legal battle over his anonymity in proceedings at a specialist tax tribunal. This decision allowed him to be publicly named as the subject of a significant tax investigation. According to reports filed with Companies House and published on January 14, 2026, there are currently no funds available to repay creditors, with the total amount owed to HMRC standing at £765,542 as of October 2025. An additional £6,391 is owed to a car leasing company, and liquidator fees push the total debt close to £889,000.
Liquidators have stated bluntly, "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 is subject to change based on the final outcome of our investigations." The taxpayer, it seems, will be left to foot the bill for the majority of Dettori’s liabilities, a striking turn for a man who reportedly earned up to £20 million from racing alone during his career.
Dettori’s financial woes stem from his involvement in a so-called 'disguised remuneration' tax avoidance scheme. The strategy, proposed by a financial adviser, involved making large 'tax-deductible' payments into a trust over five years, with the trust then making 'non-taxable' payments back to him. HMRC determined that the trust was a sham. Dan Neidle, founder of the independent tax think tank Tax Policy Associates, explained to Daily Mail Sport, "The idea the payments to the trust were tax-deductible is beyond stupid." Dettori himself, reflecting on the debacle, said, "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 Companies House report further revealed that Dettori’s companies entered Members Voluntary Liquidation in October 2024, which was converted to Creditors’ Voluntary Liquidation in April 2025 at HMRC's request. Investigations are ongoing, with solicitors Nelsons Law assisting liquidators in reviewing several lines of enquiry related to the use of Dettori’s companies for tax avoidance. According to the latest updates, these investigations are still in their infancy, and no realisations have yet been made.
Despite the gravity of his financial situation, Dettori has not allowed the cloud of bankruptcy to overshadow his love for racing. In a remarkable display of resilience, he has embarked on a farewell tour across South America, achieving wins in both Argentina and Uruguay. His final rides are scheduled for Brazil in February 2026, marking the end of a 35-year career that saw him amass over 3,300 winners and etch his name into racing folklore with feats such as his 'Magnificent Seven' at Ascot in 1996.
Dettori’s best year in terms of prize money was 2019, when his mounts brought in £7.3 million, highlighted by dazzling performances at Royal Ascot and his partnership with the star filly Enable for trainer John Gosden. These successes, coupled with his charismatic personality, propelled him to international stardom and helped bring horse racing to a wider audience.
Yet, even legends are not immune to the pitfalls of financial mismanagement. Dettori has been candid about the role his advisers played in his predicament. "A structure was created and I was told that it had been approved by HMRC," he said in a statement. "Years later HMRC is now challenging that structure. My former advisers have since been dismissed." He added, "For the last six months, my advisers 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 relieved to be drawing a line on this long-term matter, which enables me to reset and focus on my international riding career."
Dettori’s bankruptcy will be automatically discharged on March 17, 2026, offering him a chance to move forward. Looking ahead, he has already secured a new role in the sport he loves. After hanging up his silks, Dettori will become a global brand ambassador for Amo Racing, the venture of football agent Kia Joorabchian. The role, announced publicly in October 2025, will see him engaging with horses, interacting with the media, and advising on operational strategies. Joorabchian explained, "He'll be going out, he'll be seeing the horses, he'll be talking to the press. He'll be looking at the operation. He'll be making his suggestions on what we should be doing better."
Dettori’s journey serves as both a cautionary tale and a testament to the enduring spirit of a true sporting icon. His willingness to confront his mistakes publicly—advising others to "take a stronger rein" over their affairs—adds a layer of humility to a career defined by high-flying triumphs and unforgettable moments in the saddle. As investigations into his financial affairs continue, the racing world watches with a mix of sympathy and curiosity, eager to see what the next chapter holds for a man who has given so much to the sport.
With his final rides in Brazil just weeks away and a new role at Amo Racing on the horizon, Dettori is poised to close one chapter and begin another. Bankruptcy may have cast a shadow over his final season, but his legacy on the track—and his determination to remain involved in racing—are sure to endure long after the dust settles on his financial affairs.
