Formula One boss Bernie Ecclestone has offered $34 million (£20 million) to officials at a German bank to settle his bribery trial.

The motor racing mogul denies paying German banker Gerhard Gribkowsky $44 million (£27 million) in 2005 to ensure the bank's stake in Formula One went to a private equity fund to safeguard his job.

The trial began in Munich, Germany in April (14) but the 83 year old's lawyers hope to halt proceedings by offering the $34 million sum.

In a statement, the court said discussions "on a potential end to the proceedings have not yet reached a conclusion".

Under German law, the charges against Ecclestone will be withdrawn if all sides reach an agreement.

Ecclestone is adamant he made the payment because Gribkowsky had threatened to blackmail him.