Controversial Formula One boss Bernie Ecclestone is facing bribery charges from German prosecutors. The long-rumored indictments stem from the 2006 sale of the racing series from Germany's Bayern LB bank to CVC Capital partners. The charge could result in Ecclestone facing jail time and losing his iron grip on the F1 series.

Ecclestone, 82, is said to be "100 percent" relaxed about the pending charges, despite the fact that Bayern's former chief risk officer, Gerhard Gribkowsky, is already incarcerated and serving an eight-and-a-half-year sentence for admitting to taking a bribe worth nearly $43 million. According to reports, German prosecutors are alleging that Ecclestone was responsible for that money. For his part, Ecclestone has repeatedly asserted his innocence, maintaining that he is a victim of blackmail.

If the case goes to trial, Germany's The Local says Ecclestone is not likely to appear in court until this fall, as much of the case's extensive documentation will need to be translated into English.

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