Ecclestone steps down

Formula One supremo Bernie Ecclestone is set to step down as director of Formula One’s holding company pending the outcome of the bribery trial in Germany.

News that the 83-year-old was set to face a bribery trial in Germany came on Thursday morning.

Ecclestone has previously been questioned as part of a police investigation into a multi-million pound bribery scandal and has been accused of entering into a ‘corrupt agreement’ with German banker Gerhard Gribkowsky.

The case which is in direct relation to Formula One’s sale to private equity firm CVC back in 2006 has already seen Gerhard Gribkowsky jailed for more than eight years for tax evasion, breach of trust and taking £28 million in bribes during the sale of F1, following a trial in Germany.

Gribkowsky, who at the time was overseeing the sale of BayernLB’s stake in F1 had been accused of selling a 48% stake in Formula One without legal valuations while receiving an apparent $50million bribe disguised via consultancy agreements.

That sale according to Media company Constantin Medien cost the company millions as they had been set to receive 10% if the stake in the company had sold for more than $1.1billion, but received nothing as CVC only paid $814million.

Constantin Medien is now suing Ecclestone for $140million [the original claim had been $171million].

Bernie has previously claimed the legal action lacked merit and he and his co-defendants deny the claims of wrongdoing.

Sky Sports News have reported that he will continue running the day-to-day business of F1.