Damion Flower has pleaded guilty to being involved in a cocaine smuggling ring that operated in Sydney's international airport through a network of baggage handlers.

Flower, who is one of Australia's most high-profile racehorse owners, is now facing life behind bars for his role in the syndicate.

According to reports, Flowers was actually arrested by the Australian Federal Police back in May 2019 and had initially intended to plead not guilty.

But it seems things have changed with the accused now pleading guilty to his role in the importation and distribution of cocaine from South Africa through commercial flights.

Having initially denied all charges, Flowers was scheduled to face trial back in February.

But on Monday he finally plead guilty to one count of importing a commercial quantity of the illicit drug between 2016 and 2019 and is set to be sentenced in September.

And while the exact amount of cocaine in possession of the ring remains unknown, it's understood one of the baggage handlers at Sydney airport once collected more than 50 kilograms (110 pounds) of the prohibited drug before passing it onto Flower and other members of the operation.

A large amount of money, believed to be around $8million in cash, was also found at his Moorebank home in Sydney.

To people in the racehorse community, Flower is a very well-known figure.

Prior to his arrest, he had shares in more than 50 top horses while also owning a slot in Australia's biggest and richest race 'The Everest'.

A single slot in 'The Everest' costs $1.8million.

It's understood all of Flower's assets have now been seized by the Australian Federal Police.