A board meeting of the new owners of Formula One is taking place now by conference call that will nearly certainly end Bernie Ecclestone's 40-year reign over the sport.
Long-term F1 supremo Ecclestone, who had held the reins of power in F1 for nearly 40 years, was quoted by German magazine Auto Motor und Sport as saying he had been deposed as chief executive on Monday.
F1's governing body, the FIA, gave its approval to Liberty Media's £6billion takeover last week and a deal should be completed before the new season begins in March. "I am sure that Chase will execute his role in a way that will benefit the sport". "I do not run the company anymore".
Auto, Motor und Sport said Carey would take on the dual function of president and chief executive with Ecclestone remaining on the board but removed from day-to-day management.
Ecclestone, 86, is understood to have been offered the position of honorary president after four decades in control of F1, although it is not clear whether he has accepted.
Chase Carey to replace Bernie Ecclestone as F1 CEO
Asked whether he would retain that role, he said: "I doubt it".
Carey added: "I am delighted to welcome Ross back to Formula 1". American Chase is the new CEO. Ecclestone, whose influence on the sport dates to the 1970s, will become chairman emeritus.
Liberty Media is officially in the F1 driver's seat.
Chase Carey, who used to work at the highest level in Rupert Murdoch's 21st Century Fox, has already been appointed chairman of F1. Maybe I'll come to a Grand Prix. "And I still have enough money to be able to afford a visit to a race".
The leadership changes came as John Malone's Liberty Media announced it had completed the acquisition of the global racing series.
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