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.