Delta Topco Limited, the Jersey-registered parent company of the Formula One group, has announced that Bernie Ecclestone is stepping down from his role as a director of the company, but will continue to run the Formula One business on a day-to-day basis.

The move came after Ecclestone was indicted on corruption charges in Germany. The 83-year-old will go to trial at the end of April in a regional court in Munich. In June 2012, the same court jailed former state bank employee Gerhard Gribkowsky for eight years after convicting him of taking bribes from Ecclestone. The F1 boss denies that he bribed Gribkowsky, arguing that he paid the banker because he was being blackmailed.

“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,” the company said in a statement.

“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.”