After the release of a report implicating famous world leaders and personalities to money laundering and suspicious tax arrangements, the Formula 1 world was not left aside as some of the prominent figures in the sport were involved.
The report known as the Pandora papers, it was a leak of the offshore financial data of some of the world’s wealthiest elites. The report which comprises of almost 12 million documents, tagged some F1 personality such as Lawrence Stroll, Jacques Villeneuve, Bernie Ecclestone and Flavio Briatore.
Canadian billionaire and Aston Martin F1 team owner Lawrence stroll is believed to be connected to Superwit Profits Limited, which has a complex offshore structure. The Canadian tycoon is reported to have acquired 15% of the aforementioned company through the Polo Trust family fund, registered in Liechtenstein. His son Lance Stroll is currently one of the drivers in his F1 team.
1997 Formula 1 champion and currently a commentator for French television Jacques Villeneuve is said to have received F1 salaries and sponsorships through tax havens to incur minimal taxes.
According to the chain CBC from Canada, “Villeneuve lived a life of luxury in Monaco and Switzerland for most of his career as a pilot, but lived in Quebec for a period in the 1990s and from 2007 to 2013. The Pandora Papers show that there were offshore companies established in jurisdictions. without taxes since the beginning of their career, back in 1992. They were created to receive income from races and sponsorships ”.
Flavio Briatore and Bernie Ecclestone bought the British football team Queen’s Park Rangers by exploiting Sarita Capital Investment, an offshore company based in the Virgin Islands.