[QUOTE]Formula 1 boss Bernie Ecclestone has avoided a potential £1.2bn tax bill as a result of a secret deal with HMRC.
The deal involved a payment of just £10m, according to legal transcripts obtained by BBC Panorama.
Revenue & Customs spent nine years investigating the Ecclestone family's tax affairs before offering to settle in return for the payment from the family trusts in 2008.
Mr Ecclestone said he paid more than £50m in tax last year.
Mr Ecclestone, the chief executive of Formula 1, is currently on trial in Germany facing corruption charges. It is alleged he was behind a £26m bribe paid to a bank official.
Prosecutors allege the bribe was paid to ensure that Mr Ecclestone retained control of the sport.
Ecclestone admits paying former banker, Gerhard Gribkowsky, but says he was effectively the victim of blackmail as he was worried the banker would tell the tax authorities he had set up an offshore family trust.[/QUOTE]
[url]http://www.bbc.co.uk/news/uk-27144637[/url]
Fantastic.
pocket change
FIA, FIFA, UCI, FINA, IOC and many other world sporting bodies really need a change of guard. The amount of corruption at the top is beyond comprehension it seems.
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