Bernie Ecclestone, the former head of Formula 1, has admitted to participating in fraudulent activities and has been given a suspended sentence. In 2015, tax authorities raised concerns about a trust in Singapore holding over £400 million, which the 92-year-old failed to disclose.
As part of a civil settlement, Ecclestone has agreed to pay HM Revenue and Customs (HMRC) over £653 million, covering his tax affairs for the past 18 years, including interest and civil penalties. Ecclestone has been sentenced to 17 months in prison, with a two-year suspension. Despite initially pleading not guilty, he was due to stand trial in November 2023.
Bernie Ecclestone, Who Is He?
On October 28, 1930, Bernard Charles Ecclestone was born in St Peter, South Elmham to Sidney Ecclestone and Bertha Sophia. He is currently considered one of the wealthiest businessmen in the world with a net worth of $2.9 billion according to Forbes. Prior to this, he was the leader of the Formula One Group, which was in charge of running Formula One motor racing and owning the rights to the sport’s commercialization.
Bernie Ecclestone Educational Background
Ecclestone completed his elementary education in a school in Wissett, Suffolk. He then enrolled in Dartford West Central Secondary School but left at the age of sixteen to work as an assistant in the chemical laboratory of the nearby gasworks, which assessed the purity of the gas. He continued to ride motorcycles as a passion while attending Woolwich Polytechnic to study chemistry.
Bernie Ecclestone Career Explored
Ecclestone partnered with Fred Compton to establish the highly respected Compton & Ecclestone motorcycle dealership after their successful collaboration as motorcycle spare parts traders after World War II. In 1949, he made his first entry into the 500cc Formula 3 Series and later acquired a Cooper Mk V in 1951. It was in 1958 that he began his impressive racing career.
After managing renowned race drivers Jochen Rindt and Stuart Lewis-Evans, Ecclestone took over the Brabham team for a remarkable fifteen-year period starting in 1972. His skills were acknowledged by the Formula One Constructors Association, who recognized him as a team owner. Despite being granted authority over the organization, planning, and logistics of every Grand Prix through the Concorde Agreement, Ecclestone maintained significant control over the sport and became one of the wealthiest individuals in the United Kingdom.
The official announcement of the acquisition of Queens Park Rangers (QPR) Football Club by Ecclestone and Flavio Briatore was made in September 2007. In December of the same year, Lakshmi Mittal, a prominent businessman and one of the wealthiest individuals globally, acquired a 20% stake in the club, thereby becoming a co-owner. Subsequently, in December 2010, it was disclosed that Ecclestone, who held a majority 62% of the shares, had obtained the majority of Flavio Briatore’s holdings.
In January 2017, it was revealed that Chase Carey, the CEO of the Formula One Group, had succeeded Ecclestone. Despite stepping down as chairman, Ecclestone continued to provide guidance to the board in his capacity as an emeritus chairman..
Bernie Ecclestone Religion
According to reports, Bernie Ecclestone has said he is Jewish.
Bernie Ecclestone Ethnicity
Bernie Ecclestone is British.
Bernie Ecclestone Nationality
Bernie Ecclestone was born in the United Kingdom, thus, he is British by birth.