Bernie Ecclestone denies rumours of setting up F1 breakaway

Since new owner Liberty Media announced an overhaul at the top of F1's organisation, which included Ecclestone being sidelined and Ross Brawn becoming part of a new three-man team in charge of the series, speculation arose that Ecclestone was working on a breakaway.

In a statement issued to Reuters he said: "I wish to clear up the rumours that I am starting a series to compete against the FIA Formula 1 World Championship.

"I have built the championship over the last near-50 years, which is something I am proud of, and the last thing I want is to see it damaged."

F1's former CEO also suggested that Liberty has more freedom to push for change as in the past he was focused on creating bigger profits for his shareholders.

"The new owner of the company will be able to carry out the administration of the company in a different way to the way I had, which was to produce financial results for the shareholders, the normal actions of a chief executive," he added.

"This, I have done for the different shareholders over the last years and also when I owned 100% of the company.

"I would have loved the luxury of what Chase Carey, the CEO, is able to do.

"I hope the F1 supporters appreciate this as Chase intends to put money back into the sport."

He added: "I am very touched by the support and thanks that I have received from the people that I have dealt with over the years."