Ecclestone replaced as chief executive

Bernie Ecclestone has been removed from his position as chief executive of Formula 1 after US company Liberty Media completed its takeover of the sport.

Ecclestone has run the sport for 40 years and had been expected to remain as chief executive for a further three years, but he has instead been appointed chairman emeritus and will act as an advisor to the new board, although he will not be involved in the day to day running of the sport.

"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."

Liberty completed its takeover of Formula 1 on Monday with Ecclestone claiming that he had been forced to step down from his position, telling German magazine Auto Motor und Sport: "I was deposed today. This is official, I do not run the company any more."

Chase Carey, who had been named as the new chairman, will replace Ecclestone as chief executive and he paid tribute to his predecessor.

"I would like to recognise and thank Bernie for his leadership over the decades," Carey said.

"The sport is what it is today because of him and the talented team of executives he has led, and he will always be part of the F1 family.

"Bernie's role as chairman emeritus befits his tremendous contribution to the sport and I am grateful for his continued insight and guidance as we build F1 for long-term success and the enjoyment of all those involved."

Former Ferrari technical director and Mercedes team boss Ross Brawn has been appointed as managing director, while Sean Bratches takes on a commercial role.

"It's fantastic to be returning to the world of Formula One," Brawn said.

"I've enjoyed consulting with Liberty Media these last few months and I'm looking forward to working with Chase, Sean and the rest of the Formula One team to help the evolution of the sport.

"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."

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