Formula 1’s new owner Liberty Media has confirmed Bernie Ecclestone will relinquish his role as chief executive officer with immediate effect to Chase Carey. 

This brings to an end Ecclestone’s 40-year-reign over Formula 1, the sport he led to a multi-billion dollar empire. Now, the 86-year-old has been handed an honorary role as chairman emeritus.

German publication Auto Motor und Sport contacted Ecclestone’s office earlier today, to which the now former F1 supremo confirmed the speculation.

“I was deposed today,” he said. “I am simply gone. It’s official. I am no longer the leader of the company. My position has been taken by Chase Carey.

“My new position is one of those American terms. It’s something like an honorary president. I have this title now, even though I don’t know what it means.”

Ecclestone’s input to the sport is now an advisory basis given the immense experience and connections he has, while Carey will hold a dual role as F1 chairman as well as CEO.

In a statement released by Liberty, Carey said: “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.”

Ecclestone added in the same statement: “I’m proud of the business that I built over the last 40 years and all that I have achieved with Formula 1.”

“I would like to thank all of the promoters, teams, sponsors and television companies that I have worked with.

“I’m very pleased that the business has been acquired by Liberty and that it intends to invest in the future of F1. I am sure that Chase will execute his role in a way that will benefit the sport.”

Image via XPB Images

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