London, Jan 16 (IANS): Following his indictment on bribery charges in Germany, Formula 1 chief executive Bernie Ecclestone has stepped down from the company's board but will continue to run the sport.
A Munich court Thursday decided to put the 83-year-old on trial for allegedly bribing German banker Gerhard Gribkowsky with $45 million before the sale of a stake in F1 in 2006.
The trial will take place most likely in April and Ecclestone will not be part of the board until the case is resolved.
"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," F1 group owner Delta Topco said in a statement.
"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 statement added.