Jan 16, 2014, 9:34 AM EDT
During his upcoming bribery trial, Formula One Management CEO Bernie Ecclestone will still run F1, but has revealed he will step down from the board of directors of F1’s holding company.
The trial begins in April, as was determined by a Munich, Germany state court earlier on Thursday. Ecclestone was indicted in July for an alleged $44m bribe to jailed banker Gerhard Gribkowsky eight years ago.
A statement from the board said Ecclestone reassured it that he is “innocent of the charges and intends to vigorously defend the case,” but stepping down was necessary because 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.”
CVC Capital Partners, the owners of F1, said in November it was prepared to fire Ecclestone if he was found guilty of any charges, and said in July it could look outside F1 for a replacement. Other Ecclestone-related stories from the last few months or so are linked below:
- Nov. 13: Ecclestone denies latest trial is bad for F1’s image
- Nov. 12: Ecclestone will run F1 “the way I’ve always run it”
- Oct. 30: Ecclestone faces new investigation as High Court trial begins
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