It has been confirmed that Bernie Ecclestone will no longer be chief executive of Formula One. The stunning news comes following an official announcement that the sport has been taken over by Liberty Media – with current F1 chairman, American media mogul Chase Carey, stepping into the top job.

The deal, valued at US$8 billion, also sees Liberty president and CEO Greg Maffei assume the role of deputy chairman under Carey, while former Ferrari technical director and Mercedes team boss Ross Brawn has been appointed managing director of motorsports; former ESPN executive Sean Bratches was also named managing director of commercial operations. Ecclestone will remain as chairman emeritus.

“I am excited to be taking on the additional role of CEO,” said Carey. “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.”

Ecclestone said, “I’m proud of the business that I built over the last 40 years and all that I have achieved with Formula 1, and would like to thank all of the promoters, teams, sponsors and television companies that I have worked with. I’m very pleased that the business has been acquired by Liberty and that it intends to invest in the future of F1. I am sure that Chase will execute his role in a way that will benefit the sport.”

This comes after Ecclestone himself told Auto Motor und Sport yesterday that he had been deposed from his role. “I was dismissed today,” he said. “This is official. I no longer run the company. My position has been taken by Chase Carey.”

He added that he was unaware of what his new role in the sport entails. “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,” Ecclestone said.

The former supremo said that he will no longer deal with rights holders, the International Automobile Federation (FIA) and the teams, now that his duties have been distributed to others. “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,” he said.

Ecclestone’s seat in the FIA World Motor Sport Council is suspect as well. “I doubt it,” he said when asked if he would retain it. “I have to talk to [FIA president] Jean Todt about this.”