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Welcome to Money Diaries where we are tackling the ever-present taboo that is money. We’re asking real people how they spend their hard-earned money during a seven-day period — and we’re tracking every last dollar.

Bernie Ecclestone – the former supremo of Formula 1 – has pleaded guilty to fraud at Southwark Crown Court on Thursday but has been spared jail. The 92-year-old failed to declare more than £400 million of overseas assets to the government, namely a trust in Singapore with a bank account of around $650 million. He was sentenced to 17 months in jail, suspended for two years. He has agreed a civil settlement of £652,634,836 in respect of sums due to HMRC over the course of 18 years. The billionaire, who has courted controversy throughout his life, was in charge of F1 for over 40 years before relinquishing his role in 2017 when current owners Liberty Media took over the running of the sport. The Independent takes a look at Ecclestone’s life and times through his tenure in motorsport and beyond: 1930 – Ecclestone born on 28 October, son of Sidney and Bertha Sophia, in St Peter, Suffolk. 1952– Marries first wife, Ivy Bamford, at 21-years-old. They have a daughter, Deborah, born in 1955. The pair divorce in the 1960s. 1958 – Entered two F1 races as a driver, at Monaco and Silverstone, after purchasing two chassis from the disbanded Connaught Formula One team. Failed to qualify for either race. 1972 – Buys Brabham F1 team for £100,000. Tastes success with Nelson Piquet’s two world titles in 1981 and 1983, though only records a best result of second in the constructors’ championship. 1974 – Forms the Formula One Constructors Association (FOCA). Played crucial role in negotiating F1’s television rights. Becomes chief executive in 1978. 1984 – Slavica Radic, later his second wife, becomes pregnant and second daughter Tamara is born. Marries Radic in 1985. 1988 – Sells Brabham for more than $5 million to Swiss businessman Joachim Luhti. 1988 – Ecclestone’s third daughter, Petra, is born in London. 1997 – Embroiled in a dispute with the Labour Party over tobacco sponsorship of Formula 1, in contrary to the new government’s health position. After a meeting with prime minister Tony Blair alongside Max Mosley (a fellow Labour Party donor), the government make an exemption for F1. 2005 – Farce embroils the United States Grand Prix, with seven teams refusing to participate due to safety concerns over the Michelin tyres used. No compromise was reached, and only six cars (using Bridgestone tyres) started the race. 2008 – Radic files for divorce, which is settled in March 2009. She receives a reported settlement of $1 billion. 2009 – Crashgate. F1 descends into chaos after cheating scandal which saw Nelson Piquet Jr. deliberately crash a year earlier in Singapore to aid his team-mate, race winner Fernando Alonso. It later emerges, in 2023, that Ecclestone and then-FIA boss Mosley knew about the scandal at the time. Felipe Massa is now in the process of pursuing legal action for damages, having lost the 2008 world title to Lewis Hamilton. 2009 – Ecclestone widely condemned after remarks that were positive about Adolf Hitler. He said to The Times: “Terrible to say this I suppose, but apart from the fact that Hitler got taken away and persuaded to do things that I have no idea whether he wanted to do or not, he was – in the way that he could command a lot of people – able to get things done”. Ecclestone later apologised for his comments. 2012 – Marries vice-president of marketing for the Brazilian Grand Prix Fabiana Flosi, 46 years his junior. 2014 – Paid a £60 million settlement to end a bribery trial in Germany without admitting guilt. Prosecutors had accused him of bribery of banker Gerhard Gribkowsky. 2017 – Removed from position as CEO of Formula One Group after its £6.4 billion takeover by Liberty Media. Retains title of Chairman Emeritus until January 2020. 2020 – Ecclestone has first son, Ace (Alexander Charles Ecclestone), at age 89. 2020 – Criticised by F1 and Lewis Hamilton after comments made in wake of the murder of George Floyd. Ecclestone says to CNN: “In a lot of cases, black people are more racist than what white people are.” 2022 – Arrested by Brazilian authorities for illegally carrying a firearm while boarding a private plane to Switzerland. Ecclestone paid bail and was freed to travel to Switzerland. 2022 – Ecclestone says on Good Morning Britain that he would “take a bullet” for Russia president Vladimir Putin because he was a “first class person,” adding that Putin’s invasion of Ukraine was just a “mistake” that businessman make. He later apologised for his comments. 2023 – Pleaded guilty to £400m fraud. Sentenced to 17 months in prison, suspended for two years. Read More Lewis Hamilton gives blunt response to Felipe Massa’s legal action over 2008 F1 title F1 given new deadline by Felipe Massa’s lawyers – who label Lewis Hamilton title a ‘sham’ ‘More teams, less races’: FIA boss outlines aspirations for future of F1 F1 reveal unique Las Vegas GP schedule and ‘opening ceremony’ plans Lance Stroll ‘may have contravened FIA rules’ during furious outburst in Qatar

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Chef Michel Roux Jr has announced that he will be closing Le Gavroche, his two Michelin-starred restaurant, after 56 years. The former Masterchef: The Professionals judge said the decision had been made so he could spend “more time with his family”. Le Gavroche, located in Mayfair, central London, was opened in 1967 by French restaurateur brothers Albert and Michel Roux Sr. At the time it was the only French restaurant of its kind in London, offering classical French food and the highest standards of cooking and service. Roux Jr, son of Albert Roux, has run the restaurant since 1991, earning two Michelin stars – one of the most prestigious accolades in the restaurant business. Other celebrity chefs including Gordon Ramsay and Marco Pierre White have “earned their stripes” at Le Gavroche, according to the restaurant’s website. In a lengthy Instagram post announcing the closure on Friday (18 August), Roux Jr announced the restaurant would be closing in January 2024. The chef, 63, said he had “very mixed emotions” about the decision to close, but that the restaurant’s name would “live on”. “This decision has not been made lightly,” Roux Jr wrote. “Le Gavroche means so much, not just to myself and the Roux family, but to the wider Gavroche team and you, our guests, who have become our family over so many years. “I have always felt that should Le Gavroche ever close, it must be on a high. Le Gavroche continues to be fully booked, week in, week out, but I have known for a while that I must make time for a better work/life balance, so I can spend more time with my family and on my other business ventures.” Roux Jr added that a series of “celebratory dinners”, starting in November, would be held until the restaurant’s closure. “This is not the end of Le Gavroche – the restaurant may be closing, but the name will live on,” he said. “I could not be more grateful for the restaurant team, who have loved the restaurant as if it were their own. “The entire team both past and present, will forever have my gratitude, and will always be considered as part of the Roux family.” He added: “And to you, our guests. Our success is all down to you. I would like to extend a personal thank you to every single person that has dined with us. Your support means everything to us.” As well as being part of the judging panel on MasterChef: The Professionals, Roux Jr has appeared as a guest chef on MasterChef Australia. He has also appeared on Ramsay’s show Hell’s Kitchen, and presented two series of Michel Roux’s French Country Cooking. Food critic and journalist Jay Rayner wrote: “Very few emails make my eyebrows genuinely raise. This one did. I totally understand the thinking but, boy that really is the end of something, allowing for the fact the name will live on.” Additional reporting by Press Association. Read More Britney Spears shares first statement after ‘shock’ Sam Asghari divorce: ‘I couldn’t take the pain anymore’ The best outdoor restaurants, terraces and rooftop bars in London to book now Tiffany Gomas: Woman in viral plane rant video shares tearful apology to fellow passengers The best outdoor restaurants, terraces and rooftop bars in London to book now What to know about eating raw oysters safely Michelle Obama had the same thing for breakfast each day ‘for most of her life’