Frankie Dettori unable to pay £765,000 tax debt following liquidation of legendary jockey’s companies
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No money is expected to be available to creditors from the liquidation of Frankie Dettori’s companies, leaving the taxpayer out of pocket by more than £750,000.
Dettori, 55, revealed in March last year that he had been made bankrupt by HM Revenue & Customs as a consequence of unpaid tax resulting from his involvement in a tax avoidance scheme.
The three-time champion Flat jockey in Britain had sought to maintain his anonymity during a court case with HMRC, but he was unmasked in December 2024, after which he said he had been “working hard to unravel the mess that I have been put in” by a financial adviser.
In an update to the liquidation of Frankie Dettori Limited and Newmarket Activities Limited published on Companies House on Wednesday, it was outlined that there were no funds to repay the debts.
The sum owed to HMRC as of October 20 last year was £765,542, with a further £6,391 due to a car leasing company. Including the liquidator’s fees, the total amount owed was £888,799.
Frankie Dettori: set to have his final rides before retirement in Brazil next monthCredit: Edward Whitaker (racingpost.com/photos)
The report said: “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.”
Dettori is set to have his final rides before retirement in Brazil at the start of next month, having ridden winners in Argentina and Uruguay as part of a valedictory tour of South America.
Dettori is due to be automatically discharged from his bankruptcy on March 17. When he announced his bankruptcy, he 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.”
Following his final rides in Brazil, Dettori will take on a full-time position as global brand ambassador for Amo Racing.
Explaining the role after it was made public in October, Amo Racing’s Kia Joorabchian said: “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.”
Read these next:
Watch: Frankie Dettori rides his first winner in Uruguay on second leg of farewell tour
‘It took me a year and a half to stop panicking’ – what comes next for Frankie Dettori, according to those closest to him
‘Frankie is going to get himself stuck in, this is not a part-time job’ – Kia Joorabchian on teaming up with the ‘Messi’ of horseracing
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