GPUpdate10:49am 17 January 2014
Bernie Ecclestone, President and CEO of Formula One Management (FOM), will be tried on bribery charges relating to an alleged corrupt payment, a German court ruled on Thursday morning.
Judges in Munich had been debating as to whether the 83-year-old should face trial over the secret transfer of $44m (£27m) to German banker Gerhard Gribkowsky, who was involved in organising Formula 1′s sale.
According to sources, Ecclestone will step down from the board of current Formula 1 owners CVC Capital Partners while the trial progresses, but is to remain in charge of the day-to-day running of the sport.
Ecclestone already faces a £90 million civil claim in London’s High Court, initiated by German media company Constantin Medien. The firm has argued that it was financially damaged when the sport was sold in 2006.
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