From F1 supremo to tax fraud conviction: the rise and fall of Bernie Ecclestone

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.

Ecclestone will also have to pay HMRC £652.6m, plus prosecution costs of £74,000, after he admitted to failing to declare £400m in assets to the UK tax authority.

After arriving at court, wearing a grey three-piece suit, Ecclestone, whose 93rd birthday is later this month, told the judge: “I plead guilty.”

FULL STORY

Back in the day when he saw the opportunity to move from team manager to F1 supremo, he understood the potential of TV as the major revenue stream of the future.

He did offer a part share of that to the other team bosses.
They could not get their heads around it.
Wanted to focus on running race cars / teams.
Didn't want the hassle and distraction.

That set the scene until Liberty.

He and Max Moseley - what a pair!🙄

Both Hamilton and Leclerc disqualified for technical infringements involving wear on the plank. Not their fault and it makes a mockery of enjoying the sport somewhat.