Liberty Media has announced that Ecclestone will to step down as chief executive of Formula 1, effective immediately.

While the news is not a complete surprise, it had been expected that Ecclestone would be retained for a further three years while Liberty plots the sport’s future direction.

Instead, while Chase Carey has been appointed CEO of Formula 1 in addition to his existing role as chairman, Ecclestone has been given an honorary role as chairman emeritus.

Liberty Media, which took control of Formula 1 after completing a buyout of the publicly listed company last year, said that Ecclestone ‘will be available as a source of advice for the board of F1’.

"I would like to recognise and thank Bernie for his leadership over the decades,” Carey said. "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."

In a statement released by Liberty, 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.

 

"I 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."

But Ecclestone had earlier expressed his feelings in an interview with German magazine Auto, Motor and Sport in which he was quoted: "I was deposed today. This is official, I do not run the company anymore."

Ecclestone rose from the ranks of amateur racing driver and used car salesman in the 1950s and ‘60s to purchase the Brabham F1 team in the early ‘70s.

His influence grew as he gradually corralled the F1 teams into a unified group, while at the same time securing long-term TV rights contracts for F1 at a time when TV deals were considered virtually worthless.

Riding on an ever increasing wave of television revenues, by the early ‘80s Ecclestone was effectively in control of Formula 1. With his visionary leadership and his legendary deal-making abilities, Ecclestone turned what had been a semi-amateur sport into billion dollar industry.