Bernie Ecclestone replaced as F1 Chief Executive

Jan 24, 2017, 00:26
Bernie Ecclestone replaced as F1 Chief Executive

Following approval from the FIA for Liberty to complete its takeover, Ecclestone admitted he did not know if he would remain in place to look after the commercial side of the sport, but on Monday he told Auto Motor und Sport that he was out, effective immediately.

Chase Carey, who was already installed as the sport's chairman, replaces Ecclestone as CEO. This week, the sale of the F1's commercial rights to the USA company Liberty Media was approved by FIA.

'I was deposed today. This is official. I no longer run the company. "My new role is one of those American terms. A kind of honorary president", he said.

Carey is Liberty's newly appointed F1 chairman.

However, the BBC claim Liberty want to revamp the sport and are ready to ease the 86-year-old aside in order to do so.

F1 engineering legend Ross Brawn - a mastermind of championship-winning cars at Benetton, Ferrari and Brawn GP during his career - is expected to take up a new position as a sporting director, while former ESPN executive Sean Bratches has been linked with a commercial director's position. At the time, it was unclear whether Ecclestone would still play a role in the management of the sport.

Confirming their acquisition of "100 per cent of the shares of F1", Liberty Media revealed: "the transaction price represents an enterprise value for F1 of $8billion and an equity value of $4.4billion".

Ecclestone said he still expects to appear at grands prix in an unofficial capacity.

"Bernie Ecclestone did a great job, but I think Liberty Media can bring something extra".

"I'm proud of the business that I built over the last 40 years and all that I have achieved with Formula One", Ecclestone said in the statement.

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