Bernie Ecclestone, the previous boss of System One, has pleaded responsible to a felony tax fraud cost for failing to declare greater than £400 million ($492 million) of abroad property to the UK authorities.

Ecclestone, 92, appeared at London’s Southwark Crown Courtroom on Thursday in relation to a belief he held in Singapore.

Earlier than the responsible plea, Ecclestone had been resulting from go to trial in November.

Ecclestone was in control of F1 for 40 years till he was faraway from a place of energy after Liberty Media’s takeover in 2017.

He spent three years as chairman emeritus of F1, earlier than leaving that position in 2020.

Ecclestone was co-owner of Queens Park Rangers from 2007 till 2011 with former F1 workforce boss Flavio Briatore.