Bernie Ecclestone, the eons-old, talismanic director of Formula One’s holding company is to step down from his role until the court proceedings against him have ended.

Bernie is set to appear in court in Munich this April, after allegations emerged that he bribed a German banker during negotiations relating to the sale of Formula One in 2006.

The 83-year-old crooner denies all the allegations, and fully intends on continuing to run F1 on a “day-to-day basis.”

A statement from the holding company of the Formula One Group read:

The board of Delta Topco Limited has met today to discuss the decision of the Munich Court to commence proceedings against Mr Ecclestone.

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.

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

[Source : Huffington Post]