Bernie Ecclestone has left his position at Formula One
In an interview with German publication Auto, Motor and Sport, 86-year-old Ecclestone said his reign in the sport is over.
"I was deposed today. This is official, I do not run the company any more,” he said.
Ecclestone has ruled Formula One for 40 years.
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Last week the sports governing body approved the sale of Formula One to Liberty Media.
Liberty now look set to choose to put their own team in place after clearing the final hurdle of their purchase, valued at more than £6billion, with a unanimous vote of approval from the FIA.
Ecclestone has been in charge of F1 for four decades
Ecclestone has sold F1 to Liberty Media
American Chase Carey, the 21st Century Fox vice chairman, was installed as the new Formula One chairman when Liberty agreed to take control from private equity firm CVC Capital Partners last September.
When Liberty bought an 18.7 per cent stake from CVC in September, Ecclestone said the prospective new owners wanted him to stay on as chief executive for three years.
"That is what they asked for," Ecclestone added. "In fact we are going to try to put together people that can look after all the things I have been trying to find people to do, which is the sponsorship and things like that.
"As I said, let's see how we are going to operate."