Bernie Ecclestone, the chief executive of Formula 1, has been named by prosecutors in Germany as allegedly bribing a former banker during the sale of the sport in 2006. Gerhard Gribkowsky, who was in charge of the sale of the BayernLB stake in Formula 1 to CVC Capital Partners, is accused of taking a $44 million bribe. CVC Capital Partners still owns the commercial rights to the sport.

It is further alleged that Mr. Ecclestone received a $41.4 million in commissions from banks, as well as a substantial payment to a family trust.

Mr. Ecclestone stated that he expects to be cleared of any wrongdoing. A court will now decide whether charges will be brought against Mr. Gribkowsky.