Bernie Ecclestone will step down as Formula 1’s de facto boss with immediate effect, the 86-year-old has announced.
Ecclestone, who has played an integral in spearheading F1 into one of the world’s most popular sport, will be replaced by Chase Carey as the CEO of the Formula 1 Group.
“I was deposed today,” Ecclestone told Auto Motor und Sport. “I am simply gone. It's official. I am no longer the leader of the company. 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. Maybe I will attend a Grand Prix sometime in the future.
"I still have many friends in Formula 1, and I still have enough money to afford to attend a race.”
Ecclestone’s virtual exit from the management of the sport is part of a wider overhaul initiated by Liberty Media, which is expected to complete its takeover of F1 in coming weeks.
The American media giant is expected to formalise the announcement on Tuesday.
It is also widely believed that former technical director and team principal Ross Brawn will return to handle the sporting and technical aspects of the sport. Former ESPN marketing executive Sean Bratches is likely to be handed a commercial role.
by Rachit Thukral