Bernie Ecclestone is no longer the boss of Formula 1 following the completion of a takeover of the sport.
He had earlier told German magazine Auto, Motor und Sport, “I am simply gone. It's official. I am no longer the leader of the company.”
The 86-year-old has been F1’s chief executive for 39 years. His departure comes close to four months after F1’s acquisition by Liberty Media for $8.4 billion. Reports suggest that he was forced from the helm by the American company.
Ecclestone has now assumed the role of chairman emeritus where he will act as an adviser to the board. The leading role has been filled by Chase Carey, who is vice chairman of the 21st Century Fox media conglomerate.
“My new position is one of those American terms,” Ecclestone continued. “It's something like an honorary president. I have this title now, even though I don't know what it means.”
It is not yet known if Ecclestone, who entered two Grand Prix races himself back in 1958, has sold his final five percent share of the sport. He’s estimated to be worth nearly £2.5bn.
Ecclestone also told Auto, Motor und Sport that he doesn't expect to keep his seat on the World Motor Sport Council.
“I doubt it,” he told the magazine. “First of all, I have to talk to [FIA president] Jean Todt about this.”
The new owner of F1, Liberty Media, plans to make drastic changes to the sport in order to broaden its appeal. It intends to sell shares to F1 teams, expand into new media formats and even adjust the structure of race weekends to attract new viewers.