Bernie Ecclestone Removed From Formula One Role, as Liberty Media Completes Takeover

Bernie Ecclestone has been removed from his role running Formula One, after Liberty Media formally completed its $8bn takeover of the sport.

Ecclestone, 86, has been in charge of the racing series since 1978. However, he has been replaced as Chief Executive by F1 Chairman and 21st Century Fox Vice-Chairman Chase Carey, and will revert to a role as chairman emeritus and advisor to the board.

Former Mercedes team boss Ross Brawn has returned to F1, heading up the sporting and technical division of the franchise.

Liberty Media began its takeover of F1 in September and completed the deal on January 23. Liberty Media is due to be renamed The Formula One Group following their acquisition of the sport.

Ecclestone had his first involvement with Formula One in 1958, and in the following decades moved into a position of relative autonomy within the sport. After taking over commercial rights from the teams in the mid-90s, he then paid $360m to Max Mosley in a TV rights deal.

Liberty Media are reportedly ready to engage digital media in ways Ecclestone never did, as well as secure the futures  of flagship F1 races and generate interest in new markets.