Gargantuan news. Bernie Ecclestone is no longer the head honcho of Formula 1. As of yesterday evening the 86-year-old tycoon has been replaced by Liberty Media's Chase Carey.
This brings to an end Ecclestone's 40-year reign of what is arguable the world's most glamorous and coveted motorsport formulas. "I have been deposed," Ecclestone told the media shortly after the announcement had been made. "You will have to wait to see what the press release says: who did what to whom, how the decision was made. But I am not running the company any more."
Ecclestone won't disappear from the picture completely, however, with Liberty Media appointing him chairman emeritus – a position from which he will act as a source of advice for the sport's new owners. – Thomas Falkiner
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