Bernie Ecclestone bribery case closed after agreement reached with court

Earlier on Tuesday it was reported that Formula One supremo Ecclestone had offered to make a $100million payment to bring the trial to a close.

Under German law, cases can be settled by agreement between prosecutors, the defence and judges - although the conditions on such agreements are strict.

And a Munich court released a statement later in the day announcing that proceedings would now be ended after an agreement was reached with the 83-year-old.

Ecclestone went on trial in Germany in April over allegations he bribed businessman Gerhard Gribkowsky as part of the sale of a major stake in his motorsport business in 2006.

He has admitted paying the money, but denied that it was a bribe.

Ecclestone could have served up to 10 years in jail if found guilty.