Frankie Dettori, one of the most successful jockeys in horse racing history, has announced he will file for bankruptcy to resolve a dispute with British tax authorities.

Frankie Dettori, the world's most famous jockey, has announced he is filing for bankruptcy. In a shock statement, Dettori revealed he had been unsuccessful in efforts to resolve financial difficulties with HMRC.

Frankie Dettori has released a statement to announce he is filing for bankruptcy with the famous jockey left ‘saddened and embarrassed’. The Italian, 54, based in England for a horse racing career which spanned over 35 years, has earned an estimated £15m to £20m from riding.

Frankie Dettori has been attempting to untangle his tax arrangements in Britain after they were challenged by HMRC.

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

Frankie Dettori is filing for bankruptcy following a long-running tax-avoidance case. Dettori, who has ridden more than 3,300 career winners, announced the move three months after losing a court bid to retain anonymity in a battle with HM Revenue & Customs.