Liberty Media completes F1 takeover, Ecclestone replaced

Liberty Media Corporation has officially announced complete acquisition of Formula 1. The company has also replaced F1 boss Bernie Ecclestone with Chase Carey, who will now be designated as the Chief Executive Officer and Chairman of the motorsports business. Meanwhile, Ecclestone has moved to an honorary position of Chairman Emeritus of F1.

Ecclestone, 86, was widely referred to as the driving force behind the transformation of Formula 1 into a multi-billion dollar business. When Colorado-based Liberty Media announced its scheduled acquisition of the sport last year, it was reported that Ecclestone will be continuing in his role. However, the new owners have now decided to bring in Chase Carey into the leading position.

Ecclestone has been at the helm of Formula 1 from the past 39 years. He is thus considered responsible for the commercialization of the sport, as well as enhancing its popularity within fans. Meanwhile, the new boss, Chase Carey, is the vice chairman of the 21st Century Fox media conglomerate. He is considered to be an expert in expansive sport-media growth and exploitation of sports rights.