MEXICO CITY, MEXICO - NOVEMBER 01: F1 supremo Bernie Ecclestone walks in the paddock before the Formula One Grand Prix of Mexico at Autodromo Hermanos Rodriguez on November 1, 2015 in Mexico City, Mexico. (Photo by Lars Baron/Getty Images)

While most of the European World has been sleeping, American media giant, Liberty media, confirmed that their takeover of Formula One was now complete and with the news came the revelation that F1 supremo, Bernie Ecclestone was no longer in charge.

This is not the first time Ecclestone has sold F1, however he has always managed to make sure he has stayed in charge afterwards, but this time there was no staying as Liberty put Chase Carey into the CEO role and Ross Brawn as Managing Director.

Bernie meanwhile, is now simply an advisor to the company he has had a stranglehold on for the past 40 years.

Several key players in F1 were still awake to see  hear the news, including 2016 champion, Nico Rosberg who believes the change is long overdue….

"Bernie, mega job! But a change has been overdue," Rosberg, who has now retired from the sport, tweeted. "Mr. Carey, all the best in making our sport awesome again."

Williams racer, Felipe Massa, who came out of retirement last week to return to the team, also tweeted his thoughts and thanking Ecclestone for all he has done….

“Thank you Bernie and welcome Liberty Media . Hope F1 gets better and better.”

Romain Grosjean was also quick to send his thanks….

“Thank you Bernie and welcome Liberty Media ! Let's the new era begin.”

Former F1 driver turned television commentator, Martin Brundle, is excited at the thought of a new F1…

“Part of me is very sad that Bernie is heading for the exit, part of me is very excited that we can take a necessary and new direction in F1,” he tweeted.

Meanwhile, others are finding it hard to believe, including 1996 world champion, Damon Hill…

“Could this really be the end?” he tweeted.

Yes Damon, it seems like it is.