Bernie Ecclestone, formerly the most powerful man in the world of Formula One racing, walked away from a London court on Thursday with a 17-month jail term, suspended for two years, after admitting fraud.

Southwark Crown Court heard that Ecclestone has agreed to a civil settlement of £652.6 million ($803m) with the British tax authorities over funds that were owed spanning an 18-year period.

The charge related to a trust in Singapore with a bank account that contained around $650 million, which he failed to declare in 2015.

'I plead guilty'

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."

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.

"I plead guilty," Ecclestone had told the court during a short hearing on Thursday morning in London. He claimed that he had set up a "single trust" with his three daughters the beneficiaries.

His defense lawyer, Christine Montgomery, told the presiding Judge that he "bitterly regrets the events that led to this criminal trial."

The Judge declared that while the offenses are serious, Ecclestone's age — he turns 93 later this month — and health would be taken into account during sentencing, with the business magnate spared jail time.

No stranger to controversy

Ecclestone, a former second-hand car salesman 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 paid $100 million to German authorities in 2014 to end a high-profile bribery trial linked to the sale of F1's rights in 2006 and 2007.

He also sparked controversy in 2009 when he said that Adolf Hitler "was a man who could get things done" and last year, when he defended Vladimir Putin over the invasion of Ukraine, claiming he would "take a bullet" for the Russian president.

Formula One distanced themselves from his comments, claiming they didn't represent their views, with Ecclestone later apologizing.

He controlled the sport for four decades until 2017 when he stepped down as chief executive from his global empire with American group Liberty Media taking over the series.

mds/sms (AP, AFP, Reuters)