German Soccer Legend Faces Jail Over €18 Million Tax Evasion

Tom Burroughes

13 March 2014

The president of European football champions Bayern Munich and a former member of Germany’s 1974 World Cup-winning side has admitted to evading €18 million ($25 million) in tax via a Swiss bank account, media reports said.

Uli Hoeness has told a court he deeply regretted “my wrongdoing”. The saga, depending on the outcome, could be one of the biggest cases of its kind involving a figure from the world of sport. It also highlights how users of Swiss bank accounts continue to be targeted by other countries that are fearful about lost revenues.

The former Germany forward admitted his secret bank account last year, filing an amended tax return in the hope of an amnesty in return for paying the tax he owed.

A report by the BBC said the penalty for tax evasion can be 10 years in jail, though the prosecution says it will seek a seven-year sentence. A verdict is expected tomorrow, reports said.

Prosecutors allege Hoeness had failed to declare the income he held at bank in Switzerland. Giving evidence later, Hoeness said he had used the money for large-scale gambling on the foreign currency markets, losing far more than he ever gained, the BBC said.