Bernie Ecclestone ran Formula One almost single-handedly for decades. There was not much other choice: the company’s headquarters in Kensington, London, only contained a handful of staff. The pinnacle of the motor sport business ran on handshakes and face-to-face negotiation.
Now that handshake approach appears to have been his downfall, after Ecclestone pleaded guilty to tax fraud at Southwark crown court in London on Thursday. After setting up a July 2015 meeting with HM Revenue and Customs to try to bring an end to an investigation into his finances, he lied to officials. Instead of ending his troubles, his answers that day have resulted in him receiving a 17-month custodial sentence, suspended for two years.
