Ex-Formula 1 boss Bernie Ecclestone has agreed to pay more than £652-Million pounds ($800-Million), prosecutors said on Thursday, after he pleaded guilty to tax fraud.
The 92-year-old appeared at London's Southwark Crown Court and pleaded to one count of fraud by false representation, just over a month before he was due to stand trial.
Ecclestone, accompanied by his wife Fabiana, spoke only to confirm his name and to enter his plea. "I plead guilty," Ecclestone said.
The Briton was charged back in October, 2022 of tax fraud related to overseas assets reportedly amounting to $450-Million, with trial set for 2023.
Ecclestone has reportedly told HM Revenue and Customs that he “established only a single trust” in favour of his daughters and that “other than the trust established for his daughters he was not the settlor nor beneficiary of any trust in or outside the UK”.
As it turned out, his claims were not true and the Crown Prosecution service authorized the charges against the billionaire following an investigation by the HMRC.
Ecclestone has pleaded "not guilty" back in June 2023 at London’s Southwark Crown Court.
Ecclestone ran F1 for four decades before and was removed from his role in 2017 when Liberty Media took over the sport. (
Reporting by Sam Tobin, Additional reporting by Grand Prix247
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