Bernie Ecclestone has issued a brief statement upon the official confirmation that he has been removed as CEO and named Chairman Emeritus of F1.

After over four decades in charge of the sport Ecclestone has been replaced by new Chairman and CEO Chase Carey as part of the completion of the F1 takeover by Liberty Media.

Ecclestone is seen as the cornerstone to building F1's success since being in charge of the commercial rights in the sport and says he's proud of the work achieved within that time and has thanked those who worked with him.

"I'm proud of the business that I built over the last 40 years and all that I have achieved with Formula 1, and would like to thank all of the promoters, teams, sponsors and television companies that I have worked with," Ecclestone said.

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The 86-year-old has backed new boss Carey to succeed in his new role as he prepares to act as advisor to Liberty Media.

"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."

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