Bernie Ecclestone's reign over Formula One appears to be over after the 86-year-old told a German motorsport magazine on Monday he had been ousted as chief executive.
The former car salesman who transformed F1 into a multi-billion dollar business says he's been asked to resign by new F1 chairman Chase Carey.
When Casey, a former media mogul at 21st Century Fox, was appointed by Liberty Media, who took over the sport last September, the intention was to keep the F1 mastermind in his job.
But Englishman Ecclestone, who has ruled the sport for the past four decades, told Auto Motor und Sport: "I was dismissed today.
"This is official. I no longer run the company. My position has been taken by Chase Carey," he said.
He added he was offered a new role as "a kind of honorary president".
The changeover of power is expected to be confirmed on Tuesday.
It comes after last week's approval by F1's governing body, the International Automobile Federation (FIA), of Liberty's $8 billion takeover of the sport from CVC Partners.
The takeover will give the US media giant control of a global and highly profitable sport that rakes in billions from advertising and broadcasting rights.
Its success is largely down to Ecclestone's tireless drive and business acumen.
The octogenarian did not seem happy at suffering the equivalent of ordering a car to return to the pits.
"I have this title without knowing what it means."
Liberty is backed by 75-year-old American media mogul John Malone.
Comments
SHARE