Bernie Ecclestone’s position as chief executive of Formula One was the subject of renewed speculation on Wednesday after the German banker he has been accused of paying £28million in bribes sensationally admitted his guilt in a Munich court room.

Ecclestone remained defiant, telling The Daily Telegraph that Gerhard Gribkowsky, formerly the chief risk officer at state-owned bank BayernLB, was merely trying “to save himself” and insisting once again that he has “nothing to hide”. But it is unclear what impact the latest twist in what has been called Germany’s biggest post-War corruption trial may have on the 81 year-old billionaire. Or on Formula One. Gribkowsky has been on trial in Munich since October on charges of tax evasion, breach of trust towards his former employer and being in receipt of corrupt payments relating to the sale of his bank’s 47.2 per cent stake in the sport to current owner CVC Capital Partners six years ago. Prosecutors allege that Ecclestone paid the money to ensure Formula One was sold to CVC, who promptly retained him as chief executive. After a break in the trial earlier this year while his lawyers claimed he was suffering from stress and ill health brought about by his incarceration since Jan 2011, Gribkowsky finally broke his silence on Wednesday, telling a Munich court that the allegations of bribery were “essentially true”.