Bernie Ecclestone, the former boss of Formula One, has admitted fraud after failing to declare more than £400m held in a trust in Singapore.

The 92-year-old billionaire did not disclose the trust to the government in July 2015.

Appearing at Southwark Crown Court on Thursday, he told the judge “I plead guilty” after having previously pleaded not guilty.

Ecclestone had been due to go on trial next month.

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