Bernie Ecclestone said police did an "unbelievable job" rescuing his mother-in-law unharmed from kidnappers.
Aparecida Schunck, the mother of his wife Fabiana Flosi, was abducted from her home in Sao Paulo more than a week ago, with her kidnappers reportedly demanding a £40 million ransom.
Formula One boss Mr Ecclestone is believed to have offered to pay for a private security firm to track down his mother-in-law and is also reported to have wanted to fly to Brazil to help, but was told this was not a good idea.
Ms Schunck was rescued on Monday without any money being paid and a helicopter pilot who works for Mr Ecclestone was one of three men arrested in connection with the kidnapping.
Following the rescue, the 85 year old told the Mail Online: "The last few days haven't been very good. This isn't a good thing to happen to you and your family.
"The police officers we dealt with were fantastic, they did an unbelievable job, it was absolutely first class. We are very, very, very happy with them."
Jorge Eurico da Silva Faria, who works for Ecclestone in Brazil, was one of those arrested, police said.
A spokesman for Sao Paulo police said da Silva Faria was arrested "red-handed" with two other men, Vitor Oliveira Amorim and David Vicente Azevedo.
"The investigation continues and the police did not rule out the involvement of other suspects," he added.
Speaking after she was freed, Ms Schunk said: "I just ask that the crooks do not kidnap anyone else in Sao Paulo because they will be arrested."
Mr Ecclestone married Ms Flosi, 38, in 2012, three years after meeting her at the Brazilian Grand Prix.