Bernie Ecclestone, the commercial rights holder for Formula One racing for the last four decades, has stepped down from the F1 Board of Trustees after being indicted in the bribery of a German banker, Gerhard Gribowsky, in Munich. Gribowsky was paid the sum of $45 million supposedly to ensure that he would have the choice of which equity firm would take over F1 rights after him but it was seen as a bribe and Ecclestone has accused Gribowsky of a blackmail attempt to reveal shady tax issues in association with the payment. For now, the 83-year-old Ecclestone will continue in his role for day-to-day operations but his indictment may eventually spell a premature end to his reign as F1 chief.
Ecclestone, who sold off most of his outright ownership of F1 in the 1990s but retains commercial rights, made the payments to Gribowsky in 2006 and 2007.