Bernie Ecclestone, the former boss of Formula One, has pleaded guilty to a criminal tax fraud charge for failing to declare more than £400 million ($492 million) of overseas assets to the UK government.
Ecclestone, 92, appeared at London’s Southwark Crown Court on Thursday in relation to a trust he held in Singapore.
Before the guilty plea, Ecclestone had been due to go to trial in November.
Ecclestone was in charge of F1 for 40 years until he was removed from a position of power after Liberty Media’s takeover in 2017.
He spent three years as chairman emeritus of F1, before leaving that role in 2020.
Ecclestone was co-owner of Queens Park Rangers from 2007 until 2011 with former F1 team boss Flavio Briatore.
This article was originally published by Espn.com. Read the original article here.