Three month long trial ends without jail time for Formula 1 boss
After a trial which has lasted three months to date, Bernie Ecclestone will walk away a free man, though his coffers will be $100 million lighter.
The Formula 1 boss agreed to the payment to end a trial that accused him of a $44 million payment to Gerhard Gribkowsky, previously in change of German bank BayernLB’s 47 percent interest in Formula 1 in 2005.
The bank’s stake in the sport’s commercial body was sold to CVC Capital Partners.
The fine will be split with the German state ($99 million) and a German charity that helps terminally ill children ($1 million).
Ecclestone was facing up to 10 years in prison. Gribkowsky is currently serving a 8 1/2 years for his part in receiving the bribe.