Formula One CEO Bernie Ecclestone has confirmed his departure from his position in the sport.
As Liberty Media took over commercial rights to the sport last week, there were doubts cast over the 86-year old’s future as CEO.
Despite Liberty Media making no comments on this at the time of writing, Ecclestone has commented himself, confirming that he will no longer be the head of the sport.
“I was deposed today,” Ecclestone spoke to a German publication, “This is official, I do not run the company anymore. 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.
“My days in the office will be getting quieter now,” he added.
“Maybe I will attend a Grand Prix sometime in the future. I still have many friends in Formula One and I still have enough money to afford to attend a race.”
Although Ecclestone has run the sport for 40 years, Liberty Media have decided to input their own team to lead F1, following a full take-over, which cost them around £6 billion.
Following questioning regarding if he expected Liberty Media to have full control as the sport’s new owners by the time of the maiden 2017 Grand Prix in Melbourne, Ecclestone replied: “Yes. Absolutely. One hundred percent.“