AS soon as the $8 billion (€7.45 billion) takeover of Formula 1 was completed, Liberty Media announced that Bernie Ecclestone would with immediate effect step down as CEO and become Chairman Emeritus of the group.
Current chairman of Formula 1 Chase Carey who represents Liberty Media on the board will combine his current role with that of CEO and former Ferrari technical director and Mercedes team boss Ross Brawn who had been acting as a consultant to Liberty, has been appointed managing director of motor sports.
According to a statement by 86-year-old Ecclestone, who was at the helm of F1 for 40 years, to a German auto-sports magazine, he has been forced out, saying “I was dismissed. This is official. I no longer run the company. My position has been taken by Chase Carey.”
There is no question that Ecclestone has transformed the sport and made the company into a multi-billion dollar brand, but with so much money invested in the takeover it is hardly surprising that the new owners want to have complete control at the top.