Bernie Ecclestone removed as CEO of Formula 1

Ecclestone F1

Asked if he will expects to retain his place on the World Motor Sport Council, Ecclestone, who still holds shares F1's parent company, said: "I doubt it".

The takeover comes five days after motor sport's governing body approved of F1 being sold to Liberty Media, a US company that invests in entertainment and sports. My position has been taken by Chase Carey.

The sport's veteran boss has been offered a less hands-on role - with a title such as life president - but Liberty Media is determined to demonstrate that it is taking F1 into a new era by pursuing a radical overhaul of its commercial operation.

Ecclestone will become "Chairman Emeritus", with Liberty saying he would remain "available as a source of advice for the board of F1". It is expected that former ESPN executive Sean Bratches will oversee the commercial arm of the sport in conjunction with Ross Brawn potentially managing the sporting side. "I was dismissed today, I disappear".

"There is an enormous opportunity to grow the sport, and we have every confidence that Chase, with his abilities and experience, is the right person to achieve this".

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The Liberty Media takeover coincides with a major rules revamp for 2017, one Ecclestone had welcomed, which is aiming to improve the cars' aerodynamic performance and lap times.

"I have enjoyed hearing from the fans, teams, (the sport's governing) FIA, promoters and sponsors on their ideas and hopes for the sport".

"My days in office are now somewhat calmer", Ecclestone went on.

Earlier, the Liberty Media (LM) was going to keep Bernie Ecclestone as chief executive, but the short-term plan showed another turn. And I have enough money to me to visit a race to afford to.

The Liberty Media Group will be renamed the Formula One Group following the takeover.