Bernie Ecclestone has stepped down from his position as a director of Formula 1’s management board following his indictment on bribery charges in Germany.
The 83-year-old, who will continue to run the sport on a day-to-day basis, is going on trial to face allegations he bribed German banker Gerhard Gribkowsky, who is serving a jail sentence for receiving the payment, over the sale of F1 in 2006.
“After discussions with the board, Mr Ecclestone has proposed and the board 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,” said a statement issued by Delta Topco Ltd after a meeting on Thursday.
“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.”
Ecclestone has admitted paying the sum of money to Gribkowsky, but denies bribery.