Formula One is set to enter a new era after American company Liberty Media completed its £6billion purchase of the sport which ends Bernie Ecclestone's four-decade reign in charge.
Chase Carey, who was already 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 F1.
"I'm proud of the business that I built over the last 40 years and all that I have achieved with F1, and would like to thank all of the promoters, teams, sponsors and television companies that I have worked with," Ecclestone said.
"I'm pleased that Liberty intends to invest in the future of F1. I'm sure Chase will benefit the sport."
Ecclestone had stated on Monday that he had been stepped down. He 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.
"The sport is what it is today because of him," Carey said. "Bernie's role as chairman emeritus befits his tremendous contribution to the sport."
Ross Brawn returns to the sport as managing director. He said: "We have an almost unprecedented opportunity to work together with the teams and promoters for a better F1 for them and, most importantly, for the fans."