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Formula One mogul Bernie Ecclestone faces losing control of the racing sport, and the prospect of jail, following reports he has been charged with bribery by German prosecutors. Despite allegations, Ecclestone remains calms over the financial offencesThe charge, and a separate indictment of breach of fiduciary duty, relates to the sale in 2006 of Formula One by German bank Bayern LB to CVC Capital partners. 83-year old Bernie Ecclestone is suspected of bribing top German banker and once a majority shareholder in Formula One, Gerhard Gribkowsky, who is serving an eight-and-a-half-year sentence after confessing last June to accepting a

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The Formula one grand prix will once again grace the soil of The United States. Despite news reports stating that New York was Ecclestone's preferred location, Austin (Texas) will in face stage its first race in year 2012. The 10-year contract is for a "purpose-built" facility, F1 chief executive Ecclestone said in a statement, although details including an actual site, cost or race date were not released. A report of the AP news agency said the venue would be built "within 10 miles" of Austin airport. The promoter for the event is Full Throttle Productions, headed by Tavo Hellmund. Mr Tavo is said to have known Mr Ecclestone for 30 years. "We have been diligently working together for several years to bring this great event to Austin, the State of Texas and back to the United States," said Hellmund. Never on a purpose-built circuit, previous US grand prix have been held at Watkins Glen, Long Beach, Las Vegas, Detroit, Dallas and Phoenix. Between 2000 and 2007, the famous Indianapolis Motor Speedway hosted the event, and spokesman Fred Nation on Tuesday questioned whether the "business deal" between F1 and Austin is a sound one. He said,

Bernie Ecclestone has defended Michael Schumacher amid criticism of the seven time world champion's lacklustre return to formula one. The 41-year-old German's comeback with a three-year deal at Mercedes was the talk of the pre-season. But his new form hit a low in China last weekend, when he was trounced by his teammate Nico Rosberg in qualifying before finishing a minute down at the finish in the sort of slippery conditions in which previously he would have thrived. F1 chief executive Ecclestone said the criticism of his performance so far is not justified. "Anybody who criticises Michael is wrong. He deserves better," the Briton said in a joint interview with Mercedes' Norbert Haug. Haug agreed: "No, for sure he doesn't deserve that." The German told F1's official website that Schumacher's effect at the Brackley based team is being tangibly felt behind the scenes. "He stimulates everybody, including Nico." Ecclestone said he is not surprised that 24-year-old Rosberg currently has the upper hand, and tips Schumacher to be back on top soon. "Nico is very talented and Michael was on holiday for three years. Ask me the same question after another two races," said the 79-year-old. There have been theories that Schumacher will - or should - make a quick retreat in order to cease the humiliation and safeguard his legacy. It has also been suggested that his form reflects the fact that he has only returned to beat the boredom of retirement. "We all know that Michael would be his first and foremost critic if he realised that this job is not for him anymore. But that's not the case," said Haug. "Within the team, Michael is extremely constructive. This enthusiasm is firing up the whole team." Ecclestone agreed: "Michael would have never returned had he not been convinced that he can do the job. He is not a tourist in the paddock -- he's here to win. And he will win again."