Bernie Ecclestone leaves Formula 1 board

Bernie Ecclestone has decided to step down from the board of the company which runs Formula 1 following his indictment on bribery charges in Germany.

However, Bernie Ecclestone, 83, will continue to run the business on a day-to-day basis, Delta Topco said in a statement.

Bernie Ecclestone will go on trial to face allegations he bribed German banker Gerhard Gribkowsky who is serving a jail sentence for receiving the payment.

He admits paying Gerhard Gribkowsky, but denies bribery.

The board of Delta Topco met on Thursday and were told by Bernie Ecclestone that he intended to vigorously defend the case, which will commence in late April.

A statement read: “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.

“The board believes that 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.”

German prosecutors have accused Bernie Ecclestone of giving a $45 million bribe to Gerhard Gribkowsky to ensure F1 was sold to a private equity group of his choosing.