Formula 1 boss Bernie Ecclestone has vowed to defend himself against allegations of bribery following his indictment in Germany.

The motor racing tycoon was indicted by a judge in Munich on Wednesday (17Jul13) over a $44 million (£29 million) payment to German banker Gerhard Gribkowsky in 2005.

Gribkowsky claimed the money was a bribe from Ecclestone to ensure the sale of his stake in Formula One to Cvc, a private equity group with links to the billionaire. He was jailed for eight and a half years for tax evasion last year (12).

However, Ecclestone, who has repeatedly denied any wrongdoing, alleges he handed over the money because Gribkowsky had threatened to blackmail him.

The 82 year old has promised to fully defend himself against the claims, telling the Financial Times newspaper, "I have just spoken to my lawyers and they have received an indictment. It's being translated into English. We are defending it properly. It will be an interesting case. It's a pity it's happened."