Bernie Ecclestone has stepped down from the board of Formula One but will continue to handle the day-to-day running of the sport.
On Thursday, Munich prosecutors confirmed that Ecclestone would face charges of bribery in April.
The charges relate to the sale of F1 to CVC in which Ecclestone is accused of paying a bribe to German banker Gerhard Gribkowsky.
The 83-year-old insists he is innocent but while the case is continuing has stepped down as a director of Formula One's holding company.
In a statement released by holding company Delta Topco Limited, it was confirmed: "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.
"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.
"The approval and signing of significant contracts and other material business arrangements shall now be the responsibility of the Chairman, Mr Peter Brabeck-Letmathe, and Deputy Chairman, Mr Donald Mackenzie."
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