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MUNICH. — Formula One chief executive Bernie Ecclestone denied bribery allegations yesterday when he went on trial in Germany in a case that threatens to break the Briton’s decades-long dominance of the motor sport.
Prosecutors have charged Ecclestone (83) with bribing banker Gerhard Gribkowsky to smooth the sale eight years ago of a stake in Formula One to private equity firm CVC.

They say that Ecclestone favoured CVC because it was committed to keeping him on as chief executive.

“I’m confident, the sun is shining,” a dark-suited Ecclestone told camera crews jostling to film his entry into the Munich courtroom.

The former used-car salesman, who became a billionaire by building motor racing into a global money spinner over the past four decades, is fighting to save his job and reputation.

He faces up to 10 years in jail if convicted.

As the trial began, his lawyers issued a brief statement, confirming that he denied the accusations and would fight to clear his name.

“The alleged bribery never happened. The prosecution’s claims are based on statements by Dr Gribkowsky, which are wrong, misleading and not conclusive.”

The prosecution, in a 24-page statement, told the packed courtroom that Ecclestone channelled US$44 million to former BayernLB banker Gribkowsky for having helped to safeguard his position as head of Formula One.

CVC remains the largest shareholder in the business, which generates annual revenues of over US$1,5 billion from its series of grand prix races around the world. CVC co-chairman Donald Mackenzie has said he would fire Ecclestone if he was found guilty of wrongdoing.

Despite his age, Ecclestone attends almost every grand prix race and remains central to the sport’s commercial success.

He has always dismissed talk of retirement, and there is no obvious replacement when he does finally quit or is forced out.

Uncertainty over his future makes it hard to revisit stalled efforts to launch a stockmarket flotation of Formula One, after a planned listing in Singapore was abandoned because of turbulent markets two years ago. — Reuters.