Liberty Media complete Formula One takeover as Bernie Ecclestone ends 40-YEAR reign

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Bernie Ecclestone has left his position at Formula One

"I'm proud of the business that I built over the last 40 years and all that I have achieved with Formula 1, and would like to thank all of the promoters, teams, sponsors and television companies that I have worked with," Ecclestone said.

"I'm very pleased that the business has been acquired by Liberty and that it intends to invest in the future of F1."

In an interview with German publication Auto, Motor and Sport earlier today, 86-year-old Ecclestone said his reign in the sport was over.

"I was deposed today. This is official, I do not run the company any more,” he said.

Ecclestone's 40-year rule of Formula One has come to an end, with Liberty confirming their takeover, although he will remain involved as chairman emeritus.

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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.

He said: "I am excited to be taking on the additional role of CEO. F1 has huge potential with multiple untapped opportunities. I have enjoyed hearing from the fans, teams, FIA, promoters and sponsors on their ideas and hopes for the sport.

"We will work with all of these partners to enhance the racing experience and add new dimensions to the sport and we look forward to sharing these plans overtime.

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Ecclestone has been in charge of F1 for four decades

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.

He said: "I am excited to be taking on the additional role of CEO. F1 has huge potential with multiple untapped opportunities. I have enjoyed hearing from the fans, teams, FIA, promoters and sponsors on their ideas and hopes for the sport.

"We will work with all of these partners to enhance the racing experience and add new dimensions to the sport and we look forward to sharing these plans overtime."

"I would like to recognise and thank Bernie for his leadership over the decades. The sport is what it is today because of him and the talented team of executives he has led, and he will always be part of the F1 family.

"Bernie's role as Chairman Emeritus befits his tremendous contribution to the sport and I am grateful for his continued insight and guidance as we build F1 for long-term success and the enjoyment of all those involved."

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Ecclestone has sold F1 to Liberty Media

Last week the sports governing body approved the sale of Formula One to Liberty Media.

Liberty have now cleared the final hurdle of their purchase, valued at more than £6billion, after the FIA approved the deal.

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."

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