Ecclestone quits F1 board over bribery charges

A bribery indictment filed in a German court has prompted prominent Formula One figure Bernie Ecclestone, 83, to resign from the board of the company that runs the sport, Delta Topco.

The German legal action, for which a court date is yet to be announced, relates to a US$44 million ($50 million) payment he made to banker Gerhard Gribkowsky around the time Ecclestone sought to acquire the shares in F1 held by Gribkowsky's bank.

Those shares were bought in 2005 by CVC Capital Partners, which owns Delta Topco. In 2012, Gribkowsky pleaded guilty to charges of bribery and tax evasion over the payment, and was given an eight-and-a-half year prison sentence.

The fallout from the case, and ongoing pursuit by German authorities, have dogged Ecclestone, who was indicted on the bribery charges last year will face trial in a German court on the allegations. He has admitted making the payment to Gribkowsky but denies it was bribery.

Although he has stepped down from his role as a director on the Delta Topco board, Ecclestone will continue to run its operations, essentially still controlling the management of the lucrative Formula One sport.

“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," Delta Topco said in an official statement.

"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."

This reporter is on Twitter: @KarlaPincott