Bernie Ecclestone removed as CEO of Formula 1

Bernie Ecclestone has been removed from his position as chief executive officer (CEO) of Formula One as US giant Liberty Media completed its £6 billion takeover.

The 86-year-old has reigned for four decades as ruler of the sport.

Chase Carey, who was already installed as the sport's chairman, replaces Ecclestone as CEO.

Ecclestone has been handed the role of chairman emeritus and will be available as a source to the new board.

"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," Ecclestone said.

"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."

The deal was completed on Monday and Liberty Media will reportedly be renamed as the Formula 1 Group.