Former F1 supremo Bernie Ecclestone is used to winning, but when it comes to topping the list of the UK's top taxpayers, the 93-year-old had to settle for the runner-up spot.
Ecclestone's position came after a lengthy legal battle that forced him to settle a significant debt with the UK tax authorities, which led to the payment of a hefty sum to HMRC.
In total, Mr. E forked out a staggering £652.6 million consisting of tax and penalties. This substantial contribution catapulted him to the second position on the Sunday Times' UK taxpayer list, just behind Russian-born financial trader Alex Gerko, who topped the list with a payment of £664.5 million.
Robert Watts, the compiler of the Sunday Times taxpayer list, remarked on Ecclestone's contribution, stating:
"Bernie Ecclestone, having contributed £652.6m this year, was a one-off win for the public finances. Without that payment, the total take on this year's taxes would have been down on last year."
Ecclestone is not one to shy away from a challenge, so a runner-up spot in the pecking order is sure to sting a bit.
While humbled by the experience, Bernie’s a tough cookie, and he'll no doubt bounce back from this setback.
In the meantime, he can take comfort in the fact that he's still one of the richest people in the UK.
Meanwhile, in other business news, Formula 1’s commercial rights holder Liberty Media topped Forbes Magazine’s list of the “world’s most valuable sports empires”.
This achievement is particularly noteworthy considering a 12% decline in the overall value of Liberty Media's sports assets, a drop attributed to the spin-off of its Major League Baseball team, the Atlanta Braves.
It also underscores the immense financial worth of F1 in Liberty's portfolio, whose overall value has now reached an astonishing $18.22 billion, with Grand Prix racing by far its biggest asset.
Since taking over the reins from Ecclestone in 2017, Liberty Media has embarked on a strategic revitalization of the sport, expanding its reach and presence around the globe and leveraging digital platforms like Netflix's popular docuseries "Drive to Survive" to captivate a wider audience, particularly in the United States.
This targeted approach has spurred remarkable growth in F1's popularity and financial standing, and solidified Formula 1's position as the crown jewel of Liberty Media's sports portfolio.
Liberty topped Forbes’ list from Kroene Sports and Entertainment - owner of the Los Angeles Rams, Denver Nuggets and Arsenal FC among other franchises - which increased its value by 22% to $15.59 billion.
The third spot on Forbes' podium was claimed by Fenway Sports Group, owner of the Boston Red Sox, Pittsburgh Penguins and Liverpool FC. The group's value also rose by a significant 25% to $12.95 billion.
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