Following the takeover of his Formula One empire by Liberty media, F1 supremo Bernie Ecclestone has announced that he is no longer head of the Formula One empire.

Breaking the news to the German media himself, Ecclestone told Auto Motor and Sport that he had been disposed as Chief of his former conglomerate and has been replaced by Chase Carey.

“I was deposed today, this is official, I do not run the company any more. My position has been taken by Chase Carey,” the 86 year old said. "My new position is one of those American terms, it's something like an honorary president. I have this title now, even though I don't know what it means."

"My days in the office will be getting quieter now. Maybe I will attend a grand prix sometime in the future. I still have many friends in Formula One and I still have enough money to afford to attend a race."

Ecclestone is the man responsible for bringing Formula One to the masses almost 40 years ago, however many believe his views are out of date and actually hurting the sport rather than helping it.