Legendary jockey Frankie Dettori ‘sad and embarrassed’ after filing for bankruptcy

Legendary jockey Frankie Dettori has filed for bankruptcy.

The much-loved horse racing icon has issued a statement after losing a lengthy and costly battle over tax avoidance.

Dettori — who has more than 3300 wins to his name and made millions from the racing game — says the issues arose after he hired a specialist advisor to handle his financial matters.

It has been estimated that he pocketed from riding alone somewhere between £15-£20 million (AU$31-$41 million).

“For the last six months, my advisors have been working with HMRC (His Majesty’s Revenue and Customs) in an attempt to find a solution to my financial situation,” Dettori’s statement said.

“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.”

Dettori originally hoped he could keep the issue private and appealed to the High Court judge in November to have his name suppressed.

However, the judge dismissed his appeal and it soon became public knowledge.

Dettori, who has been a jockey since 1987, became a global phenomenon at Ascot when he won all seven races in one day there in September, 1996.

After that amazing feat he produced his now storied flying dismount.

The 54-year-old was set to retire at the end of 2023 but reversed his decision after enjoying a successful farewell season where he rode winners in the 2000 Guineas and the Gold Cup at Ascot.

After that backflip, he moved to California with his wife, Catherine.

- With AAP