Bernie Ecclestone Ends 40-Year Reign as Formula One Boss

Bernie Ecclestone - Getty - H 2017
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Longtime Rupert Murdoch lieutenant Chase Carey becomes CEO and chairman of F1 after Ecclestone reportedly tells a German website he was "deposed" by the motorsports giant.

Bernie Ecclestone is out the door at Formula One, as former DirecTV boss and longtime Rupert Murdoch lieutenant Chase Carey on Monday was named to replace him as CEO of the grand prix racing giant.

Ecclestone becomes chairman emeritus of F1 as John Malone's Liberty Media says it has completed its $4.4 billion acquisition of the racing franchise. Ecclestone is leaving the company he ran for 40 years. Liberty Media said in a statement that he will now "be available as a source of advice for the board of F1," and not part of the executive suite.

Carey, already F1 chairman and expected to add CEO to his duties after Liberty Media completed the deal, thanked Ecclestone in a statement "for his tremendous success in building this remarkable global sport." Ecclestone added in his own statement issued by Liberty Media, "Chase will execute his role in a way that will benefit the sport."

But on Monday Ecclestone reportedly told Germany's Auto Motor und Sport website that he was no longer part of the motorsports giant. "I was deposed today. This is official. I no longer run the company. My position has been taken over by Chase Carey," he told the site. 

Liberty Media on Monday also named former ESPN exec Sean Bratches as managing director, commercial operations at the U.K.-based motorsports giant. Bratches was most recently the U.S. sport network's executive vp sales and marketing.

Liberty's acquisition puts an enterprise value of $8 billion on the racing franchise, where Liberty Media president and CEO Greg Maffei becomes deputy chairman of the board.