Ecclestone steps down from F1 board following indictment on bribery charges

Formula One chief Bernie Ecclestone has reportedly stepped down from his position from the board of the company which runs the sport following his indictment on bribery charges in Germany.

Ecclestone, who will go on trial to face allegations that he bribed a German banker Gerhard Gribkowsky who is currently serving a jail sentence for receiving the payment, admitted to paying the cash, although he insisted that it is not bribery.

According to the BBC, the board of Delta Topco, which runs F1, confirmed that until the case has been concluded, Ecclestone has proposed to step down as a director, although he will continue to run the business on a day-to-day basis.

The report however, mentioned that Ecclestone's stepping down means he can no longer approve and sign significant contracts, and his running the business will be subject to increased monitoring and control by the board.

Bavarian prosecutors have accused Ecclestone of giving a 45 million-dollar bribe to Gribkowsky to ensure F1 was sold to a private equity group of his choosing.

The chief executive of F1 has ruled the sport for almost four decades and is the long-time commercial rights holder of F1, but sold off a majority of the ownership in the 1990s, the report added.