Ecclestone Bribery Case Settled for $100 Million

The Munich judge overseeing criminal bribery charges against Formula One chief Bernie Ecclestone agreed to allow him to pay $100 million to dismiss the case without a ruling on his guilt.

Ecclestone has admitted paying a $44 million bribe to a German banker who approved the 2006 sale of Formula One rights to London's CVC Capital Ventures. The deal assured Ecclestone continuing control of F1, which has helped him amass a personal fortune worth roughly $5 billion. He claims he was coerced into paying the bribe.

Ecclestone gave up his financial control of F1 when the bribery trial began in April. But he has continued as CEO of Formula One Management, which controls the sport's revenues. The head of CVC said Ecclestone would be fired if found guilty.

Ecclestone's fans consider him a genius. Critics fear this week's settlement will prolong an era of opaque F1 management and thwart hopes that a greater proportion of F1 profits would be shared with the racing teams.