Mercedes team principal Toto Wolff believes 'there is nobody better than Bernie' in heading up F1 and credits the 85-year-old for his work in building the sport over the past four decades.

Speaking before the official announcement that Ecclestone would be asked to stay on as chief executive after the takeover by Liberty Media, Wolff feels any criticism given to Ecclestone is unjustified and appreciates the job he has done for F1 for teams, fans and sponsors.

READ: FIA wants finer details on F1 takeover from Liberty Media

It had been rumoured the Italian Grand Prix could be Ecclestone's final race in charge ahead of the mooted takeover by the US group but the speculation was quickly shot down by the F1 supremo when he announced he was approached by Liberty Media to stay on for three years.

"Look what Bernie has built up over the last 40 years: F1 is the number-one motorsport in the world," Wolff said on Formula1.com "There are many people out there who always know better - you should do this, you should change that. Talk is cheap.

"But the truth is that once you are in this seat you need to take the real decisions and there is nobody better than Bernie."

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Ecclestone and Wolff clashed last year when the 85-year-old wanted Mercedes to supply power units to Red Bull for 2016 to ensure heightened competition for the F1 world titles.

Despite Wolff declining on business grounds, something Ecclestone accepted he'd have also chosen in the same situation, the pair have maintained a constructive relationship with the shared goal of stepping up the 'show' element to F1.

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