FRANKIE Dettori will be filing for bankruptcy as he admitted “I am saddened and embarrassed by this outcome”.
The legendary jockey, 53, 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.
He 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.
