F1 supremo Bernie Ecclestone has stepped down from the F1 board ahead of trials in Germany, following his indictment on bribery charges.
Ecclestone denies bribing a German banker during a sale in a stake of the sport between 2006 and 2007. Despite stepping down from the board, Ecclestone will continue to run the day-to-day business.
A statement from Delta Topco today confirmed that Ecclestone volunteered to leave the board until the case was over.
“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.
“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.
“The approval and signing of significant contracts and other material business arrangements shall now be the responsibility of the chairman, Mr Peter Brabeck-Letmathe, and deputy chairman, Mr Donald Mackenzie.”
The octogenarian is accused of bribing a German banker during a sale in a stake in the sport. The banker, Gerhard Gribkowsky, was earlier jailed for eight and a half years for accepting the €33.5m in 2006. Ecclestone maintains that he paid the money as he feared Gribkowsky would report him to UK tax authorities, and that it was not a bribe.
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