It was said that it will be quite difficult to replace a man like Bernie Ecclestone as the chief of one of world’s most famous sport formula one. But now the day came when F1 supremo Bernie Ecclestone Calls It Quits after US giant Liberty Media completed its $8bn (£6.4bn) takeover of the sport.

His place will be taken by Chase Carey, a 62-year-old American businessman and vice-chairman of 21st Century Fox Media.  Ecclestone, 86, who has been in charge for nearly 40 years, has been appointed chairman emeritus and will act as an adviser to the board.

“I’m proud of the business that I built over the last 40 years and all that I have achieved with Formula One, and would like to thank all of the promoters, teams, sponsors and television companies that I have worked with,” Ecclestone said in Liberty’s statement. “I’m very pleased that the business has been acquired by Liberty and that it intends to invest in the future of F1. I am sure that Chase will execute his role in a way that will benefit the sport.”

“I would like to 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,” Carey said. “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.”

Tags: Bernie EcclestoneBernie Ecclestone resignChase Careyformula oneLiberty MediaSports News