Bernie Ecclestone is to step down from the board of the company that runs Formula One in order to stand trial in Germany as he faces bribery charges linking to the sale of the sport to CVC back in 2006.
The 83-year-old will however continue the day-to-day running of the sport, albeit subject to increased supervision and monitoring.
A statement from F1′s parent company, Delta Topco, reads: “After discussion with the board, Mr. Ecclestone has proposed and the board has agreed that until the case has been concluded, he will step down as a director with immediate effect, thereby relinquishing his board duties and responsibilities until the case has been resolved.
“‘It is in the best interests of both the F1 business and the sport that Mr. Ecclestone should continue to run the business on a day to day basis, but subject to increased monitoring and control by the board. Mr. Ecclestone has agreed to these arrangements.”
Ecclestone has been on trial in the UK for the past few months as he battles another bribery case, and although the odds are thought to be stacked in his favour, it now appears that he has a case to answer for in Germany, also.
Ecclestone has maintained his innocence throughout the trial after being accused of paying a bribe to German banker Gerhard Gribkowsky to ensure the sale of the sport to CVC.
More to follow…