Former Chief executive Bernie Eccelestone admits to pay more than US $790 million

Former Formula One supremoBernieEcclestoneon Thursday pleaded guilty in a UK court to charges of failing to declare a multi-million-pound trust in Singapore to the British tax authorities. The 92-year-old, wearing a dark suit and grey tie, told London's Southwark Crown court: "I plead guilty."

Ecclestonewas charged last year over an alleged failure to declare more than £400 million ($453 million) of overseas assets to the UK government in 2015, and was due to stand trial in November.

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The British businessman, whose financial net worth has been estimated at some $3 billion, is widely credited with transforming F1 commercially.

His control of the sport developed from the sale of television rights in the 1970s and he was chief executive of Formula One Group until January 2017.

The Crown Prosecution Service, which brings charges in England and Wales, said it brought the case for "fraud by false representation" after a "complex and worldwide" investigation by HM Revenue and Customs.

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