Bernie Ecclestone is expected to fight back against Liberty Media
Ecclestone has been in charge of F1 in a number of different roles for nearly 40 years.
However, on Monday he was removed as chief executive and moved sideways into an advisory role by Liberty Media, the group who completed a £6billion takeover of the sport this week.
But Liberty do not believe Ecclestone will take the switch lying down and the 86-year-old is thought to be planning a breakaway series to rival F1 which would be up and running by 2019.
2017 F1 Calendar
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Express Sport brings you the full Formula One 2017 calendar
Last night Formula One journalist Peter Windsor tweeted: “The response today when an F1 luminary was asked privately how Mr E was doing: ‘He's setting-up a breakaway series’. Don't laugh.”
BBC Sport journalist Andrew Benson replied: “Interesting. Have also been told by a trusted source they expect Ecclestone to fight back v Liberty – with a breakaway series by 2019.”
Benson added this morning: “Hope these people predicting an Ecclestone breakaway are wrong. Splits are no good for anyone; would be pure vindictiveness.”
Bernie Ecclestone has been at the top of F1 for nearly 40 years
The diminutive F1 supremo was clearly unhappy with his removal when questioned earlier this week.
"I was deposed today," Ecclestone told German publication Auto Motor und Sport.
"I am simply gone. It's official.
Chase Carey is now the main man in F1
"I am no longer the leader of the company.
"My position has been taken by Chase Carey."
Carey, a former 21st Century Fox executive, will head a three-man team featuring commercial director Sean Bratches and ex-Mercedes and Ferrari man Ross Brawn.
Together, they are planning to modernise F1 in order to resurrect its waning popularity.
“The problems are across the board,” Carey told The Telegraph.
“We’re not marketing the sport, we’re not enabling fans to connect with it on the platforms that are available today, our sponsorship relations are one-dimensional, the events feel old, the hospitality feels as if it’s at least 15 years old.
“There’s a transparency to what we are doing, there’s a context in which decisions are being made.
"It’s not a case of everybody playing a game of poker, trying to bluff each other.
"At the moment, it’s not the way it should be if you want a business to be run well.”