Leeds men admit importing cocaine
The luxury yacht Makayabella was intercepted in September last year after crossing the Atlantic.
They both pleaded guilty to conspiracy to import Class A drugs between March 1 2014 and September 29 2014.
The two men have been remanded in custody until sentencing in September.
It is believed the drugs, which came from Venezuela, would have had a street value in excess of £160 million.
The Makayabella was intercepted in poor condition by Irish authorities in the Atlantic Ocean, 200 miles off the south-west coast of Ireland, while investigators also seized a 25ft motor boat called Sea Breeze, moored in Pwllheli, north Wales.
Judge Guy Kearl QC said: “Mr McElhone and Mr Webster, you pleaded guilty to these matters. I’m going to adjourn sentencing. In the meantime each of you will be remanded in custody.”