Bernie Ecclestone and prosecutors have agreed a settlement of around ?60 million to end his bribery trial.

Last week it was reported that Ecclestone was prepared to pay German bank BayernLB ?20 million to settle the case early, before it was confirmed on Tuesday that a German court had accepted an amount three times the original offer.

The 83-year-old has been on trial in Munich since April charged with bribery and incitement to breach of trust. He was accused of paying German banker Gerhard Gribkowsky $44m (?26m) to help ensure a stake in F1 was sold to a company he favoured in 2006.

Gribkowsky was sentenced to eight and a half years in prison in 2012 for accepting bribes, and Ecclestone himself could face a lengthy jail term if found guilty.

Under German law, however, a settlement can be reached if all parties agree.

Speaking on Monday, Ecclestone's lawyer, Sven Thomas, told The Independent: "It seems that we will be successful in the settlement. The amount is not confidential. They are talking about $100m."

"It is a settlement without any conviction, the presumption of innocence is still valid. That was a condition under which I negotiated."

"The $100m is for the state of Bavaria," he added. "Maybe they will try and build a circuit. I will propose this - that they should build a nice circuit."

Ecclestone has always denied the charges and while he has admitted making a payment to Gribkowsky he says it was a result of "a sophisticated shakedown" and denies any wrongdoing. If found guilty, Ecclestone could have faced a long jail term.

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