Formula One tycoon Bernie Ecclestone is heading for a $100 million (Dh367m) settlement to halt his bribery trial in Germany, according to reports.

The 83-year-old Briton upped his offer to secure a deal, according to reports which said if it goes ahead, would be the biggest of its kind. The Munich court where the trial is due to resume tomorrow has told witnesses scheduled to give testimony this week not to bother to turn up.

Ecclestone went on trial in April on charges of paying a $44 million (Dh162m) bribe to bank executive Gerhard Gribkowsky to ensure that shares in F1 held by BayernLB were sold to his preferred bidder, CVC Capital Partners of Britain, now the sport’s majority shareholder.

He increased the offer to pay the Bavarian authorities $100 million (Dh367m) to settle the case from an initial $36 million (Dh132m) last week, according to German daily Sueddeutsche Zeitung.

The settlement, which is allowed in German criminal cases if the prosecution and aggrieved parties agree, should mean that Ecclestone retains his control of the multi-billion dollar sport.