By Neil Sears PUBLISHED: 07:12 EST, 17 July 2013 | UPDATED: 20:07 EST, 17 July 2013 Formula One magnate Bernie Ecclestone is facing the prospect of extradition after being indicted by a German court on bribery charges. The 82-year-old billionaire could be jailed for five years if convicted. Prosecutors allege that a £26million payment by the motorsport boss to German banker Gerhard Gribkowsky was made to ensure that a large stake of Formula One was sold below its true value in 2006 to Mr Ecclestone’s preferred bidder. Mr Ecclestone, left, had been under investigation since former German banker Gerhard Gribkowsky, right, was convicted of corruption for receiving payments from the motor racing chief executive in connection with the sale of shares in the sport in 2006
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Mr Ecclestone had been under investigation since banker Gerhard Gribkowsky was jailed
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The charges are said to be based on statements from Mr Gribkowsky
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Mr Ecclestone's lawyers confirmed the indictment is being translated
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The 82-year-old's team will respond to Munich prosecutors in weeks
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