Bernie Ecclestone prepared to pay $33m to settle trial

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Bernie Ecclestone prepared to pay $33m to settle trial

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Bernie Ecclestone is said to have offered to pay German state-owned bank BayernLB $33m to settle his bribery case, according to reports.

The Formula One Chief went on trial in April over allegations that be bribed a German banker during a sale of a stake in the motor sport business eight years ago.

If found guilty the 83-year-old could face up to 10 years in prison.

He is alleged to have channeled $44m to jailed BayernLB banker Gerhard Gribkowsky to smooth the sale of a major stake in the business by the bank to private equity fund CVC, which became the largest shareholder in Formula One in 2006.

The prosecution alleges that Ecclestone wanted CVC to take control because this meant he could stay on as chief executive of a business he had been instrumental in building.

“Public prosecutors and the defence are discussing the possibility of an agreement,” a spokesman for the German authorities said.