Bernie Ecclestone “dismissed” as boss of Formula 1

Forumla 1 boss Bernie Ecclestone has been ousted from his role as chief executive after 40 years in the job.

After some speculation, today it was confirmed that the 86-year-old would be leaving his position as the head of Formula 1. His future had been in question ever since F1' was sold to American company Liberty Media. He will be replaced by 21st Century Fox vice chairman Chase Carey. Liberty Media released a statement in which they said Ecclestone would become 'chairman emeritus', which appears to be an advisory and potentially ceremonial role. The statement includes a quote from Ecclestone himself:

"I'm proud of the business that I built over the last 40 years and all that I have achieved with Formula One, 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."

  Photo: Lars Baron / Getty Images   However, Ecclestone had previously spoken to German publication Auto Motor und Sport, in which he said: "I was dismissed today. This is official. I no longer run the company. My position has been taken by Chase Carey." New boss Chase Carey also commented in the statement, saying:

"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 over time."

News of Ecclestone's ousting will not come as a surprise to many in the Formula 1 world, as it was widely felt that it was time for him to go. Former driver Nico Rosberg tweeted: "Bernie, mega job! But a change has been overdue. Mr. Carey, all the best in making our sport awesome again." Feature: Lars Baron / Getty