Bernie Ecclestone, formerly the most powerful man in the world of Formula One racing, pleaded guilty to a charge of fraud at a London court.
He failed to declare a trust fund in Singapore to the British tax authorities in 2015, which was worth around $650 million at the time.
The charge alleged that Ecclestone represented his accounts in a way "which was, and which you knew was or might have been untrue or misleading."
"I plead guilty," Ecclestone told Southwark Crown Court during a short hearing on Thursday morning in London — but Ecclestone claimed that he had set up a "single trust" with his three daughters the beneficiaries.
Ecclestone, who had pleaded not guilty to the charge at a hearing earlier this year, "now accepts that some tax is due in relation to these matters," prosecutor Richard Wright said.
Ecclestone, who revolutionized Formula One in 1974 when he formed the Formula One Constructors Association, is the 65th wealthiest person in the United Kingdom with an estimated personal wealth of over $3 billion.
He controlled the sport for four decades until 2017 when he stepped down as chief executive and American group Liberty Media took over the series.
