British business magnate Bernie Ecclestone has been spared a jail term after pleading guilty to hiding £400 million of overseas assets from the British Government.
The former boss of Formula 1 failed to declare more than £400m he held in a trust in Singapore when HM Revenue and Customs (HMRC) investigators were probing his tax affairs.
Ecclestone said he “recognised it was wrong” to not disclose the existence of the trust, but insisted he did not know the full details of the account and its tax implications.
After being charged with fraud, he had initially vowed to fight the case at trial. However, at Southwark Crown Court on Thursday, following a year of legal wrangling, he changed his plea to guilty.
Speaking from the well of the court, behind his team of lawyers, Ecclestone said: “I plead guilty.”
Ecclestone has now agreed in a civil settlement to repay almost £653m to HM Revenue and Customs (HMRC). He was also sentenced to 17 months in prison, suspended for the next two years.
Who is Bernie Ecclestone?
Born in St Peter, South Elmham, Bernard Charles Ecclestone was the son of Sidney Ecclestone, a fisherman, and Bertha Sophia.
He started his career trading in spare parts for motorcycles, and formed the Compton & Ecclestone motorcycle dealership with Fred Compton. In 1949, he had his first racing experience in the 500cc Formula 3 Series, acquiring a Cooper Mk V in 1951.
Ecclestone initially retired from racing following several accidents at Brands Hatch (his local circuit), intending to focus on his business interests.
He later became manager of drivers Stuart Lewis-Evans and Jochen Rindt. In 1972, he bought the Brabham team, which he ran for 15 years. As a team owner, he became a member of the Formula One Constructors Association.
Ecclestone underwent heart surgery and had a triple coronary bypass in 1999, but is said to have remained as energetic as always in promoting his own business interests.
Ecclestone and his companies also controlled the administration, setup, and logistics of each Grand Prix. This makes him one of the richest men in the United Kingdom.
Ecclestone and Flavio Briatore also owned the English football club Queens Park Rangers between 2007 and 2011.
As of 2017, Ecclestone has been replaced by Chase Carey as chief executive of the Formula One Group. Ecclestone was appointed as chairman emeritus and acted as an adviser to the board.
Ecclestone turned down a knighthood in the early 2000s as he did not believe that he deserved it.
In terms of family life, he has been married three times. With first wife Ivy, he has a daughter, Deborah. He also had a 17-year relationship with Tuana Tan, which ended in 1984 when Slavica RadiÄ, later his second wife, became pregnant.
Ecclestone was then married to Yugoslav-born former Armani model RadiÄ for 23 years, though they have been divorced since 2009. They have two daughters, Tamara and Petra.
In 2012, Ecclestone married Fabiana Flosi, vice-president of marketing for the Brazilian Grand Prix. Their son, Alexander Charles Ecclestone (Ace), was born in 2020.
What is his net worth?
According to Forbes, Bernie Ecclestone’s net worth is $2.9 billion USD (£2.3 billion).
