Apparently £400 million
Ecclestone now admits tax fraud – 17 months in prison on probation
October 12, 2023, 11:01 a.m
Bernie Ecclestone has vehemently rejected the fact that he had incorrectly declared foreign assets worth hundreds of millions. A trial against him is scheduled to begin in London in November. But the long-time Formula 1 boss is already making a turnaround.
Former Formula 1 boss Bernie Ecclestone has pleaded guilty in a fraud case in London. The prosecution accuses him of incorrectly declaring foreign assets worth more than 400 million pounds (around 463 million euros) for tax purposes. The 92-year-old had previously rejected the allegations. At a hearing, Ecclestone made a U-turn. The court sentenced him to 17 months in prison for fraud. The sentence was suspended for two years. Ecclestone had paid back taxes amounting to the equivalent of more than 750 million euros.
According to the indictment, Ecclestone stated that he had only set up a single trust abroad, the beneficiaries of which were his three daughters Deborah, Tamara and Petra. However, the British Finance and Tax Authority is of the opinion that Ecclestone himself wanted to profit from the undeclared assets abroad. Theoretically, a sentence of up to ten years in prison would have been possible.
Not the first time in court
Ecclestone has shaped Formula 1 like no other since taking over the advertising and television rights at the end of the 1970s. The Brit, who is just under 1.60 meters tall, turned the series into a global, billion-dollar company as a powerful managing director. Ecclestone continually opened up new markets and did not shy away from politically controversial countries and rulers.
With his opinion on dictatorships and other explosive statements, he repeatedly caused a lack of understanding and scandals. Months after the start of Russia’s war of aggression against Ukraine, he said in the summer of 2022 that he would “catch a bullet” for Kremlin chief Vladimir Putin. He later rowed back. In 2020 he caused a stir with statements about racism; the racing series had distanced itself from him at the time.
It’s not his first time in court. Because of the sale of Formula 1 to the investment company CVC in 2006, Ecclestone had to answer as a defendant in Munich in April 2013 and face allegations of bribery. In August of the same year, the proceedings were discontinued against a fine of 100 million US dollars (currently 94 million euros). In January 2017, Ecclestone was removed as managing director by the new Formula 1 owners Liberty Media.