Bernie Ecclestone and Chase Carey will still work together as part of the 'F1 family'
US giant Liberty Media completed a takeover of F1 worth more than £6billion yesterday and wasted no time in removing Ecclestone from his role as chief executive.
And new man Carey, who is a former Fox 21st Century executive with strong links to Australian media mogul Rupert Murdoch, has revealed that Liberty believe the 86-year-old had not expanded the sport as he could have done.
"We felt that really particularly over the past four or five years the business had not grown, the sport had not grown, to its full potential," Carey told Sky Sports News.
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"We needed to put a new organisation in place to be able to grow the sport in today's world in the way it needs to grow, and work with the partners we have in the business to make sure we can make the sport everything it can and should be for its fans."
Carey will head a three-man team charged with revamping F1 and holding off the challenges of a changing entertainment marketplace.
Alongside him will be former ESPN executive Sean Bratches in a commercial role and Ross Brawn, in a more sporting one.
Brawn used to be on the pit-wall of both Ferrari and McLaren, as well as winning a Constructors' Championship with the team that bore his name.
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And Carey believes both will be crucial figures in his plans for the sport.
"I think both Sean and Ross will have critically important roles in developing the sport overall," added Carey.
Bernie Ecclestone will still aid Chase Carey in an 'advisory role'
"It's a great sport today.
"The drivers are iconic stars, its cars combine power and technology in a way that truly amazes people.
"But we need to continue to improve the sport on the track.
Ross Brawn will take a sporting director role in the company
"And Ross understands as much as anybody how the sport works.
"His real focus is how do we make the sport on the track everything it can and should be."