Ecclestone, 86, has been handed the role of chairman emeritus, and will be available as a source to the new board, but he will no longer be involved in the day-to-day running of Formula One for the first time since the 1970s.

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

"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."

Ecclestone had stated earlier today that he had been stepped down.

In an interview with German publication Auto Motor und Sport, Ecclestone said: ''I was deposed today. This is official, I do not run the company any more.''

And after completing the deal, Liberty Media, which is now expected to usher in a new dawn for the sport, paid tribute to the departing chief executive.

"I would like to recognise and thank Bernie for his leadership over the decades," Carey, also the vice chairman of 21st Century Fox, said.

"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."

Greg Maffei, President and CEO of Liberty Media Corporation, added: "I'd like to thank Bernie Ecclestone, who becomes chairman emeritus, for his tremendous success in building this remarkable global sport."