Bernie Ecclestone insists the last thing he wants to do is damage Formula 1, amid speculation he is planning a rival series after being ousted from his position as CEO of Formula One Group earlier this week.
The 86-year-old was replaced as CEO by Chase Carey in a move pushed through by new owners Liberty Media, whilst Ross Brawn and Sean Bratches have also been brought in to oversee management of the sport.
Claims that Ecclestone is planning to start a rival series gathered pace in the days following that announcement, but the Briton insists that isn't the case.
"I wish to clear up the rumours that I am starting a series to compete against the FIA Formula One World Championship," he said in a statement issued to Reuters.
"I have built the Championship over the last near 50 years, which is something I am proud of, and the last thing I want, is to see it damaged."
Ecclestone noted that Liberty would have greater freedoms than he had to reinvest in the sport, whereas his aim was to make money for the then owners during his time as CEO.
"The new owner of the company will be able to carry out the administration of the company in a different way to the way I had, which was to produce financial results for the shareholders, the normal actions of a chief executive.
"This, I have done for the different shareholders over the last years and also when I owned 100 percent of the company. I would have loved the luxury of what Chase Carey, the CEO, is able to do.
"I hope the F1 supporters appreciate this as Chase intends to put money back into the sport."
He added: "I am very touched by the support and thanks that I have received from the people that I have dealt with over the years."
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