Bernie Ecclestone has been axed as Formula 1 boss upon the completion of Liberty Media's takeover of the commercial rights.

The 86-year-old has been named a chairman emeritus and will have the role of advisor to the board, while new F1 Chairman Chase Carey has added the role of Chief Executive Officer.

The F1 supremo's position as chief executive has been under threat since the sale of its commercial rights to Liberty Media was approved by the FIA last week.

"I was dismissed today. This is official. I no longer run the company. My position has been taken by Chase Carey," Ecclestone has reported told Auto Motor und Sport.

He confirmed he has been offered a role of honorary president but says 'I have this title without knowing what it means' and didn't say whether he will accept it or not.

Greg Maffei, President and CEO of Liberty Media, led the line of thanks to Ecclestone on the confirmation of the takeover and has put his faith in new boss Carey to 'grow the sport'.

"We are delighted to have completed the acquisition of F1 and that Chase will lead this business as CEO," Maffei said. "There is an enormous opportunity to grow the sport, and we have every confidence that Chase, with his abilities and experience, is the right person to achieve this.

"I'd like to thank Bernie Ecclestone, who becomes Chairman Emeritus, for his tremendous success in building this remarkable global sport."

New Chairman and CEO of F1 Carey says he will work with all of F1's stakeholders to improve the sport and says the company's plans will be expressed in due course.

"I am excited to be taking on the additional role of CEO. 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."