Bernie Ecclestone has stepped down from the Formula 1 board ahead of his bribery trial in April.
The 83-year-old will however remain in control of the sport’s day-to-day commercial business, despite no longer having the power to sign off on commercial deals.
It is alleged that Ecclestone bribed former banker Gerhard Gribkowsky while negotiations were taking place to sell the F1 commercial rights to private equity firm CVC Capital in 2006.
Ecclestone is denying the charges, which he will fight in a German court in April.
A statement from F1 holding company, Delta Topco Limited, confirmed Ecclestone’s position.
“Mr Ecclestone has reassured the board that he is innocent of the charges and intends to vigorously defend the case which will commence in late April 2014,” read the statement.
“After discussion with the board, Mr Ecclestone has proposed and the board has agreed that until the case has been concluded, he will step down as a director with immediate effect, thereby relinquishing his board duties and responsibilities until the case has been resolved.
“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 by the board. Mr Ecclestone has agreed to these arrangements.”