The Italian jockey will file for bankruptcy due to financial troubles, repeating the story of Lester Piggott, who even ended up in prison in the late '80s
The world of racing was rocked on Thursday by the news that Lanfranco Dettori, the most popular jockey on the planet, will declare bankruptcy after failing to reach an agreement with His Majesty's Revenue & Customs (HMRC) over long-standing tax issues.
The legendary jockey, who amassed fortunes throughout his illustrious career, issued a statement saying:
"Over the past six months, my advisers have been working with HMRC in an attempt to find a solution to my financial situation. Unfortunately, I will be filing for bankruptcy.
"I am saddened and embarrassed by this outcome, and I urge others to take a firmer control over their financial matters. Bankruptcy is a momentous decision, and its consequences will affect me for many years to come.
"At the same time, I feel relief in being able to close this long chapter, which will allow me to restart and fully focus on my international career as a jockey."
While Dettori had been dealing with his financial struggles privately, more details have now emerged. As previously reported, the Italian jockey announced his retirement in 2023 and embarked on an extensive farewell tour. However, in 2024, he resumed his career, relocating to the United States, where he currently competes, racing on various circuits and accepting numerous invitations.
In 2012, Dettori had been investigated for tax irregularities, and although he never faced criminal charges, he was forced to pay a significant sum in back taxes. Unlike some of his peers, Dettori overcame this crisis and rebuilt his career, returning to the top with memorable victories in the Prix de l'Arc de Triomphe (G1) and other major events.
For many years, Dettori was the official jockey for Godolphin, the racing operation of Sheikh Mohammed Al Maktoum. He was a three-time Champion Jockey in Great Britain and repeatedly triumphed in Europe’s most prestigious races. However, his career did suffer setbacks, including a pair of drug-related suspensions.
The horse racing world is fast-paced, filled with glory and success for the most talented jockeys. Yet, the shine of victory is often overshadowed by financial troubles, which have led several jockeys to face serious difficulties with tax authorities, as Dettori is now doing. From asset seizures to bankruptcy declarations, many renowned riders have faced the consequences of poor financial management or issues with the tax office.
Considered one of the greatest of all time, Lester Piggott dominated British racing for decades, winning numerous Classics, including nine Epsom Derbies (G1). However, his career was marred in 1987 when he was sentenced to three years in prison for tax evasion. Piggott had hidden nearly £3 million in secret overseas accounts, leading to his arrest and a significant tarnishing of his reputation. Though he served just 366 days in prison, the scandal marked the decline of his career.
Tax problems in racing are not exclusive to jockeys. The lack of financial education, expensive lifestyles, and, in some cases, reliance on poorly qualified advisers, have led many to downfall. The lesson from these cases is clear: beyond on-track success, financial planning is crucial to ensure long-term stability.
Racing remains a sport of emotions and great fortunes, but also one of risks off the track that can be costly if not handled responsibly.
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