FRANKIE Dettori will file for bankruptcy as he admitted “I am saddened and embarrassed by this outcome”.
The legendary jockey, 54, was previously named as the “tax avoidance scheme” star in a battle with HMRC.
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Dettori said: “For the last six-months, my advisors 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 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.
“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.”
He and his lawyers at a tax tribunal tried to stop his anonymity from being lifted and said he was told the scheme was approved by the taxman.
Dettori was named in public court documents last year.
He originally brought the legal case against HMRC after he was rejected for some deductions in income tax.
Judges had ruled his identity could be kept private but media organisations and HMRC challenged the anonymity order.
After the lifting, the Italian said: “A few years ago, I employed the services of professional specialist tax advisers to look after mine and my family’s financial affairs.
“A structure was created and I was told that it had been approved by HMRC.”
He added: “My former advisers have since been dismissed.”
HMRC said: “We welcome this decision, which represents an important win for the principle of open justice.”
The world’s most famous jockey bid farewell to Blighty in October 2023 with one last unforgettable ride.
His last-to-first heroics on King Of Steel in the Champion Stakes came at Ascot – the same track where he became a household name with his Magnificent Seven back in 1996.
Dettori then jetted off to start a new life in the States with wife Catherine.
He said: “I should have done this ten years ago.”
But not before a rotten stint on I’m a Celeb… where he was the first to be voted off.
Dettori loves the lifestyle on the West Coast – he said he feels like Tom Cruise strutting his stuff in front of “stupendous” US fans.
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