- Loading CountdownAustralia:
Ecclestone to face bribery trial, steps down from F1 board
Thursday 16th January 2014, 18:28 by TF1T Staff
On the F1 board no more, Bernie Ecclestone
Bernie Ecclestone has been forced to step down from his role on the Formula 1 board following confirmation that he will stand trial on bribery charges in Germany.
Munich prosecutors announced on Thursday that criminal proceedings against Ecclestone will be launched after he allegedly bribed German banker Gerhard Gribkowsky with £27 million ($44m) in 2005.
He faces charges of bribery and incitement to breach of trust which would certainly result in a jail term if found guilty.
Ecclestone will however remain in charge of the day-to-day management of the sport, despite CVC Capital Partner's decision to remove him from the board.
His position will be "subject to increased monitoring" during the trial which is expected to begin in April, though no official date has been set.
A statement from F1's board reads: "The approval and signing of significant contracts and other material business arrangements shall now be the responsibility of the chairman, Peter Brabeck-Letmathe, and deputy chairman, Donald Mackenzie."
The F1 Times is not affiliated with Formula 1, Formula One Management, Formula One Administration, Formula One Licensing BV or any other subsidiary associated with the official Formula One governing organisations or their shareholders. Official Formula One information can be found at www.formula1.com.