Ecclestone no longer the F1 chief after £6bn deal with Liberty Media
Bernie Ecclestone's four-decade reign as the ruler of Formula One is over after American company Liberty Media completed its £6billion purchase of the sport.
Chase Carey, who was already installed as the sport's chairman, replaces Ecclestone as chief executive officer.
Ecclestone, 86, has been handed the role of chairman emeritus, and will be available as a source to the new board, but he will no longer be involved in the day-to-day running of Formula One for the first time since the 1970s.
"I'm proud of the business that I built over the last 40 years and all that I have achieved with Formula One, 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. I am sure that Chase will execute his role in a way that will benefit the sport."
Ecclestone had stated earlier yesterday that he had been stepped down.
Ecclestone said: "I was deposed today. This is official, I do not run the company any more.''
And after completing the deal, Liberty Media, which is now expected to usher in a new dawn for the sport, paid tribute to the departing chief executive.
"I would like to recognise and thank Bernie for his leadership over the decades," Carey, also the vice chairman of 21st Century Fox, said.
"The sport is what it is today because of him and the talented team of executives he has led," he added.