Bernie Ecclestone has lost his position as the CEO of the Formula One Group and been replaced by Chase Carey, with Ross Brawn poised to be appointed in a new role as well.
The 86-year-old says he has been offered the title of honorary president, but has acknowledged that he does not know what his role will be.
It is understood that the change will be formally announced on Tuesday, along with the key appointments of Brawn and former ESPN man Sean Bratches, who will take up newly created sporting and commercial roles respectively.
Carey was made Formula 1 chairman after the initial buy-in to F1 by Liberty Media, which had its deal to take control of the commercial rights green-lighted last week.
"I was deposed today," he told Auto Motor und Sport. "I am simply gone. It's official. I am no longer the leader of the company. My position has been taken by Chase Carey.
"My new position is one of those American terms. It's something like an honorary president.
"I have this title now, even though I don't know what it means."
Asked about his future he said: "My days in the office will be getting quieter now. Maybe I will attend a grand prix sometime in the future.
"I still have many friends in Formula 1. And I still have enough money to afford to attend a race."
Ecclestone doesn't expect to retain his seat on the World Motor Sport Council.
"I doubt it," he said. "First of all, I have to talk to [FIA president] Jean Todt about this."
It is believed that Donald McKenzie, the boss of erstwhile majority shareholder CVC, was keen to keep Ecclestone in a more hands-on role but was overruled by Liberty.