Bernie Ecclestone's long reign as the Chief Executive of Formula 1 has come to an end, this comes after 40 years in business. The news comes close to Liberty Media taking over the company with current F1 chairman, American media mogul Chase Carey as its new chief.
Ecclestone will continue to be part of F1 as ‘chairman emeritus' as an advisory role. Ecclestone spoke to the German magazine Auto Motor und Sport that he was dismissed and no longer runs the company and his position has been taken over by Casey Carey.
On his new role, Ecclestone said the new title (chairman emeritus) as "a kind of honorary president" and added that he has this title without knowing what it means.
Bernie Ecclestone, a former car salesman who changed F1 into a multi-billion business, was thought to be continuing the same role after news emerged that Liberty Media will be taking over the business.
Confirming the take over which is worth $8 billion, Liberty president Greg Maffei confirmed that Ecclestone would be leaving the role as chief executive and Chase will lead the business as CEO.
Carey who will take over the role is a vice-chairman of the 21st Century Fox media conglomerate, said he was looking forward to running the sport which had "huge potential and multiple untapped opportunities".
About Ecclestone, Carey said that he would seek to utilise the octogenarian impresario advice in future. He further added that the sport is what it is today is because of him and he is grateful for his continued insight and guidance as they build F1 for long-term success.
With the takeover, Liberty which is backed by US media titan John Malone, control of a worldwide and highly profitable sport which rakes in billions from advertisers and broadcasting rights.
Formula 1 and the teams are plagued by financial problems and the sport has a lesser presence in social media and digital media platform which is crucial to cater to the next generation fans.
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