SAO PAULO, BRAZIL - NOVEMBER 15: President of the FIA, Jean Todt looks on in the paddock before the Formula One Grand Prix of Brazil at Autodromo Jose Carlos Pace on November 15, 2015 in Sao Paulo, Brazil. (Photo by Clive Mason/Getty Images)

Upon hearing the news that Bernie Ecclestone had been ousted from his role as Formula One chief after the takeover of Liberty Media was finalized yesterday, the sport’s governing body, the FIA thanked the 86 year old for everything he has done to put Formula One on the map and assuring fans that they will continue to oversee the sport in their official capacity.

“The world governing body of motor sport, the FIA wishes to thank the outgoing CEO of the Formula One Group, Bernie Ecclestone for more than 40 years of dedication to the FIA Formula One World Championship and as a member of both the F1 Commission and World Motor Sport Council,” they said in a statement.

“The FIA was responsible for creating Formula One when it established the first regulations for the category in 1946. The Federation remains committed to regulating the FIA Formula One World Championship fairly, safely, and in the best interests of the sport – as it has strived to do since its inception 67 years ago.”

The FIA President, Jean Todt, also congratulated the new owners of the Formula One Group, Liberty Media Corporation.

“As Formula One’s governing body, the FIA would like to welcome the new CEO, Chase Carey and his entire team to the Championship. The whole FIA organisation is looking forward to working closely together, with the common goal of improving and growing the sport further with the support of the highly recognised skills of Liberty Media Corporation in the media and sport domains.”