Liberty Media, an American media and communications company, has purchased the Formula 1 for the princely sum of US$8 billion.

Bernie Ecclestone will remain as the CEO, continuing his reign over the commercial interests of the sport that has seen F1 grow into a multi billion-dollar empire, but he will be reporting to a new chairman.

Chase Carey, executive vice-chairman of 21st Century Fox and tipped as a potential successor to Rupert Murdoch of the head of News Corp, has been installed as chairman.

The deal begins with Liberty purchasing an 18.4 per cent stake of Delta Topco, the parent company of F1, growing that to 100 per cent once the group has satisfied all conditions of the sale, which includes approval by world Motorsport governing body the FIA.

The sale is expected to be completed by the first quarter of 2017.

The completion of the sale will not signal the end of current owners CVC Capital in the sport, with the investment group to retain positions on F1’s board as well as a CVC representative being made a director of Liberty Media.