F1's new owner Liberty confirms Bernie Ecclestone's exit as CEO

The move brings an end to a 40-year-reign at the helm of F1, with the 86-year-old handed an honorary role as chairman emeritus.

Liberty Media said Ecclestone "will be available as a source of advice for the board of F1" while Carey will add the role of CEO to existing duties as F1 chairman.

In a statement released by Liberty, Ecclestone said: "I'm proud of the business that I built over the last 40 years and all that I have achieved with Formula 1.

"I would like to thank all of the promoters, teams, sponsors and television companies that I have worked with.

"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."

Carey added: "I would like to recognise and thank Bernie for his leadership over the decades.

"The sport is what it is today because of him and the talented team of executives he has led, and he will always be part of the F1 family.

"Bernie's role as chairman emeritus befits his tremendous contribution to the sport and I am grateful for his continued insight and guidance as we build F1 for long-term success and the enjoyment of all those involved."

As part of the announcement, Liberty Media also confirmed its acquisition of F1 had been completed.

Greg Maffei, president and CEO of Liberty Media Corporation, has been appointed deputy chair of the board of F1.