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Bernie Ecclestone has revealed he has been asked to remain in Formula 1 for three more years once Liberty Media's takeover has been complete.
The US-based media company are in advanced talks with CVC Partners, which owns a 35% stake in Formula 1, with reports suggesting the two parties are close to agreeing a $8.5billion deal.
Ecclestone has run the sport for 40 years but there has been intense speculation about his future since news of the takeover emerged.
However, the 85-year-old has revealed that he will be kept on by the new owners.
"They want me to be here for three years," he told Reuters.
With negotiations at an advanced stage, Ecclestone will miss next week's Singapore Grand Prix to ensure the deal is finalised.
"Because all this is going through, they [CVC] want me to be there [in London] to help them with all sorts of things. I can't afford to be away for five to six days," he explained.
A Formula 1 board meeting is scheduled for September 13 when Chase Carey is likely to be introduced as the new chairman.
"He [Carey] can do lots of things that I haven't done with this social media, which he seems to be in touch with. He's been dealing with sponsorship with his TV people. Between us we'll get on with it," Ecclestone said of Carey, the executive vice-chairman of 21st Century Fox.
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