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2017-01-24 08:05

IN CHARGE FOR NEARLY 40 YEARS: Formula 1 boss Bernie Ecclestone, 86, has been replaced as chief executive officer by the sport's new owners Liberty Media Group. Image: AFP / Lars Baron

London - Formula 1 chief executive Bernie Ecclestone has been officially ousted.

The news came as the sport's new owner Liberty Media announced it has completed its F1 takeover, installing Chase Carey as Ecclestone's successor.

Long-time F1 'supremo' Ecclestone, 86, confirmed the news via Germany's Auto Motor und Sport.

"I don't run the company"

"I was dismissed today," he said. "I'm going away. This is official. I do not run the company anymore."

In a statement, Liberty said Ecclestone's new role is 'chairman emeritus' and advisor.

The dimunitive Briton said: "My new position is an American expression, a kind of honorary president. I'm getting this title without knowing what it means."

Auto Motor und Sport said the correspondent who spoke to Ecclestone detected "great sadness in his voice".

"Always part of F1 family"

Ecclestone said: "My days will now be calmer. Maybe I'll come to a grand prix. I still have many friends in F1 and enough money to visit a race."

As for whether he will retain his role on the FIA's influential World Motor Sport Council, he answered: "I doubt it. I'll have to talk about it with Jean Todt."

Ecclestone's successor, Carey, said Ecclestone will "always be part of the F1 family".

Liberty also appointed former technical director and team boss Ross Brawn as managing director sport.

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