Here’s what happened
US giant Liberty Media has removed Bernie Ecclestone as the Formula One boss as part of its $8bn (£6.4bn) takeover of the sport.
The 86-year-old has been forced out after running the sport for nearly four decades. He has been appointed chairman emeritus and an adviser to the board.
Chase Carey, the existing chairman, has taken over Ecclestone’s role, it was confirmed yesterday.
Carey said: “I am excited to be taking on the additional role of CEO. F1 has huge potential with multiple untapped opportunities. I have enjoyed hearing from the fans, teams, FIA, promoters and sponsors on their ideas and hopes for the sport.
“We will work with all of these partners to enhance the racing experience and add new dimensions to the sport and we look forward to sharing these plans overtime.
“I would like to recognise and thank Bernie for his leadership over the decades. The sport is what it is today because of him and the talented team of executives he has led, and he will always be part of the F1 family.
“Bernie’s role as chairman emeritus befits his tremendous contribution to the sport and I am grateful for his continued insight and guidance as we build F1 for long-term success and the enjoyment of all those involved.”