Formula One boss Bernie Ecclestone has agreed a $100 million (£58 million) deal to end his bribery trial.

The motor racing chief is accused of paying German banker Gerhard Gribkowsky $44 million (£26 million) in 2005 to safeguard his job by ensuring his stake in the sport was sold to Cvc, a private equity group he has ties with.

He went on trial in Munich, Germany in April (14) and last month (Jul14) he offered to hand over $34 million (£20 million) to halt the case.

After various negotiations, on Tuesday (05Aug14) it was announced Ecclestone has increased his offer to $100 million and prosecutors told the court they have agreed to accept the settlement.

Court officials are due to announce later on Tuesday if they approve the deal.

Ecclestone denied bribery, insisting he made the payment because Gribkowsky had threatened to blackmail him.