Bernie Ecclestone’s 40-year reign as the boss of Formula 1 is over as American conglomerate Liberty Media completes its 8-billion dollar takeover of the sport.
Colorado-based Liberty Media has appointed the 86-year-old Briton as chairman emeritus and he will act as an adviser to the board.
The new owners confirmed in a statement that American Chase Carey had been named chairman and chief executive of F1.
Ecclestone’s position had been in doubt since the sale of F1’s commercial rights to Liberty Media which is set to carry out a comprehensive revamp of the sport.
The takeover was approved by motor sport's governing body last week.