Ex-Formula One boss Bernie Ecclestone has admitted fraud after failing to declare more than £400million held in a trust in Singapore to the Government.
The 92-year-old said “I plead guilty” at Southwark Crown Court on Thursday while standing in the well of the court wearing a dark suit and grey tie.
On July 7, 2015, the billionaire failed to declare a trust in Singapore with a bank account containing around 650 million US dollars, worth about £400million at the time.
The charge stated Ecclestone, who has three grown-up daughters, Deborah, Tamara and Petra, and a young son, Ace, had “established only a single trust, that being one in favour of your daughters, and other than the trust established for your daughters you were not the settlor nor beneficiary of any trust in or outside the UK”.
Before his guilty plea, he had been due to face trial in November on the single fraud charge.
The court heard Ecclestone had said “no” when asked by HMRC officers whether he had any links to any further trusts “in or outside the UK”.
Prosecutor Richard Wright KC said: “That answer was untrue or misleading.
“Mr Ecclestone knew his answer may have been untrue or misleading.
“As of July 7, 2015, Mr Ecclestone did not know the truth of the position, so was not able to give an answer to the question.
“Mr Ecclestone was not entirely clear on how ownership of the accounts in question were structured.
“He therefore did not know whether it was liable for tax, interest or penalties in relation to amounts passing through the accounts.
“Mr Ecclestone recognises it was wrong to answer the questions he did because it ran the risk that HMRC would not continue to investigate his affairs.
“He now accepts that some tax is due in relation to these matters.”
Vertsappen confident in Red Bull revival after taking 'good step' in Baku
Max Verstappen is confident that Red Bull's mid-season struggles are now firmly in their review mirror ahead of the United States Grand Prix this weekend.
Verstappen started the season with seven wins from the opening 10 races, with the Dutchman on track to claim a fourth consecutive world championship at a canter.
However, a combination of Red Bull taking a wrong turn with car development and McLaren's resurgence has seen the campaign take on a new complexion for the final six races.
Verstappen has gone eight races without a victory, seeing his lead in the drivers' championship cut to 52 points by Lando Norris, with Red Bull also surrendering top spot in the constructors' standings to McLaren after the Azerbaijan Grand Prix.
For now, Verstappen is optimistic that Red Bull have turned a corner after they introduced an update to their floor in Baku.
“Yes, it felt better,” Verstappen confirmed. “That was already a good step for us. I do think we are moving in the right direction now.
"It will take some time. You can’t turn something like this around in one or two weeks. But I do think the team was happy with what they saw in Baku as well.
“Yes, I do think so to be honest," Verstappen added about their season struggles being behind them. "Hopefully we can continue to make good steps from here.”
If either Verstappen or team-mate Sergio Perez scores points in the United States, Red Bull will have put at least one of its two drivers in the points for 62 consecutive races, equalling the third-best run in Formula One history.
Red Bull are also 45 laps led away from reaching 7000, and would be the fifth team to reach this figure in the competition after Ferrari (15888), McLaren (11029), Williams (7584) and Mercedes (7255).
But that particular milestone could have come much sooner, with Verstappen saying he was surprised by Red Bull's dramatic drop-off after a dominant period on the track.
“In the beginning, I was surprised as well, but if you look at what our problems were, then I fully understand it," Verstappen told Autosport.
“At some point, we have gone in the wrong direction. The other teams have either not faced that particular point yet or they developed the car in a slightly different way.
"That is always difficult to assess.”
Binotto likens Audi challenge to 'climbing Everest' ahead of 2026 debut
New Audi chief Mattia Binotto has admitted the task of turning the current Sauber team into Formula One winners will be like “climbing Everest”.
Sauber, the team which has been bought by Audi and will transform into the German manufacturer’s works outfit in 2026, are enduring a torrid season.
The Swiss team are rooted to the bottom of the constructors' championship, with Valtteri Bottas and Zhou Guanyu failing to score a point in 2024 so far.
In fact, their best finish came at the Bahrain Grand Prix in the opening race of the season, with Guanyu finishing in 11th place.
Former Ferrari team principal Binotto, who was installed as chief operating officer and chief technical officer in August, has been tasked with spearheading Audi’s F1 project, though he acknowledged the challenges that lie ahead.
"It’s not only climbing a big mountain, it’s climbing Everest. It will take several years," Binotto told BBC Sport.
"Our objective is by the end of the decade to be able to fight for the championships."
Binotto added: "When you are here and you start looking into the details, the more you look, the more you realise where you are and what are the main differences to what I knew from before from Ferrari.
"Certainly the gap and the differences are many and the gap is big.
"It’s big because of dimensions, because of the number of people, because of mindset, because of tools, facilities.
"Whatever you look around, it is really comparing a small team to a top team."
Sauber are yet to decide who will complete their driver line-up for the 2025 season alongside new signing Nico Hulkenberg.
Bottas is a leading contender to join the German on the grid in 2026, though Williams stand-in Franco Colapinto has impressed since replacing Logan Sargeant.
Binotto has also confirmed that Mercedes reserve driver Mick Schumacher, who lost his full-time F1 seat with Haas at the end of 2022, is also in the frame.
Retiring Nadal deserves everything in the world for sacrifices, says Lorenzo
Rafael Nadal deserves "everything in this world" in his retirement after the sacrifices he made during his tennis career, says former Moto GP world champion Jorge Lorenzo.
Nadal officially confirmed his departure from the sport earlier this week, with his glittering 23-year spell on the court set to end after November's Davis Cup Finals in Malaga.
The Spaniard has lifted 22 major titles, a total only bettered by Margaret Court, Novak Djokovic (both 24) and Serena Williams (23) in tennis history.
An astonishing 14 of those came at the French Open, which is the most of any player at a single grand slam in history, leading him to be dubbed 'The King of Clay' at Roland-Garros.
Nadal's 112 French Open wins are the most of any man at a single major in the Open Era, while his 14-0 record in Roland-Garros finals is the best recorded by anyone at an event in that span.
Nadal is the latest of the 'Big Four' to announce their departure from the sport after Andy Murray earlier this year, along with Roger Federer in 2022, with Djokovic the only one still playing.
Lorenzo, a five-time world champion who retired from motorsport five years ago, shared his experiences since leaving the track and what the future has in store for Nadal.
"Everyone experiences [retirement] in a different way," Lorenzo told Stats Perform at Festival dello Sport in Trento, Italy.
"It has always been said that many athletes after retirement go into a kind of mini-depression and are a bit sad.
"But in my case, it has been the opposite, I have lived five fantastic years. I have really enjoyed the freedom of being able to choose how and where to use my time.
"And I hope that Rafa is very happy because he deserves everything in this world for what he has sacrificed and for the great example that he has shown as an athlete to the whole society."
Nadal's first grand slam title came at the 2005 edition of Roland-Garros, while the 2022 season saw him triumph in the French capital and at the Australian Open.
He is the only player to win at least one major in 15 different calendar years, and between 2005 and 2014, he never ended a season without a grand slam title.
Nadal finished 13 different years in the top two of the ATP World Rankings, more than any other player throughout the Open Era.
The 38-year-old will bring his storied career to a close on home soil in Malaga, where he will be part of Spain's Davis Cup team which also includes Carlos Alcaraz.
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