Ecclestone denies giving 45 mln-dollar bribe as trial starts in Munich

Formula One boss Bernie Ecclestone has reportedly denied the 45 million-dollars bribery charges against him at the start of his trial in Munich.

Ecclestone, who is accused of giving 45 million-dollars to a German banker in order to secure the sale of a stake in the Formula One business to a company he favoured, has agreed that he gave the money to Gerhard Gribkowsky, but denied any wrongdoings in the matter.

According to the BBC, Ecclestone's lawyers issued a brief statement at the start of the trial stating that the alleged bribery never happened and that the prosecution's claims were based on statements by Gribkowsky, which are wrong, misleading and not conclusive.

German prosecutors have reportedly claimed that the Formula One boss bribed Gribkowsky, who was on the board of Bayern Landesbank, to ensure that a private equity group of his choice bought the sport.

Ecclestone could lose his Formula One chief post if he is found guilty of bribery, but he continues to run the business for the racing sport on a day-to-day basis despite the charges against him, the report added.

However, Ecclestone has stood down from a number of Formula One-related positions in order to ease his workload until the case concludes, the report further added.