Update Ecclestone case | Suspended prison sentence part of deal

Bernie Ecclestone will no longer be prosecuted for tax fraud. Following his plea of guilty in a London court, the former Formula 1 owner has agreed on a hefty settlement with the prosecution, putting an immediate end to the case. The billionaire - who celebrates his 93rd birthday next month - will not be prosecuted further and therefore does not have to fear a prison sentence either.

According to several British media, Ecclestone failed to declare around £400 million, of overseas assets to the UK tax authorities in 2015. A year ago, he denied this, but Ecclestone has therefore gone back on those words. By admitting guilt and agreeing on a settlement, the Briton avoids a long, legal battle to follow.

The Public Prosecutor announced in court that a settlement of £652 million has been agreed. That concludes the case.

Ecclestone has been in trouble with the justice system before. He was arrested in Brazil last year for trying to board a plane with a gun. Ecclestone indicated at customs that he did not know the gun was in his luggage. After paying bail, he was still allowed to leave Brazil.

As part of the deal, Ecclestone agreed a suspended prison sentence of 17 months, it is revealed.