Ecclestone, 83, went on trial in April over allegations that he bribed banker Gerhard Gribkowsky with a $44 million payment as part of the sale of a major stake in the motorsport business to CVC Capital Partners in 2006.

Ecclestone says he sent the payment after Gribkowsky, who is currently serving an eight and a half year jail sentence for accepting bribes, threatened to make false claims to UK authorities about his tax status.

The state prosecutor has told the court that Ecclestone's age supports the settlement being accepted.

If he had been found guilty, Ecclestone faced up to 10 years in jail and losing control of Formula 1