Bernie Ecclestone will pay $100 million to end a Munich corruption case that’s tainted his role as Formula One chief for more than three years.
Judges signed off on Ecclestone’s offer, which the 83-year-old announced at court in Munich earlier today. Ecclestone said he would be able to transfer the amount within a week.
Ecclestone has been on trial in Munich since April on charges he bribed Gerhard Gribkowsky, the former chief risk officer of Bayerische Landesbank, with $44 million to ensure he wouldn’t oppose the sale of the lender’s Formula One stake to CVC Capital Partners Ltd. in 2005. Gribkowsky, who managed the BayernLB’s interest in Formula One before the sale, was convicted in 2012 of accepting bribes and sentenced to 8 1/2 years in prison.