ABU DHABI, UNITED ARAB EMIRATES - NOVEMBER 27: Chase Carey, Chairman of Formula One Group walks in the Paddock ahead of F1 supremo Bernie Ecclestone and Pasquale Lattuneddu of FOM before the Abu Dhabi Formula One Grand Prix at Yas Marina Circuit on November 27, 2016 in Abu Dhabi, United Arab Emirates. (Photo by Mark Thompson/Getty Images)

After the news earlier today that F1 supremo Bernie Ecclestone had been ousted from his role as head of the Formula One Empire he created 40 years ago, new owners at Liberty Media have confirmed the situation and revealed that the 86 year old will now only be available as an advisor.

In his place Liberty confirmed that they have appointed Chase Carey as Chief Executive Officer of F1 in addition to his existing role as Chairman with Bernie Ecclestone’s official title now being that of ‘Chairman Emeritus of F1.’ Ecclestone, who has given valuable service to F1 over many years, will now be available as a source of advice for the board of F1.

"I am excited to be taking on the additional role of CEO,” Carey said. “F1 has huge potential with multiple untapped opportunities. I have enjoyed hearing from the fans, teams, FIA, promoters and sponsors on their ideas and hopes for the sport. We will work with all of these partners to enhance the racing experience and add new dimensions to the sport and we look forward to sharing these plans overtime."

"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."

With the completion of their purchase of Formula One, the Liberty Media Group will shortly be renamed the Formula One Group. F1 will remain based in London and Greg Maffei will be Deputy Chair of the board of F1.