Liberty Media has confirmed that it has completed its acquisition of Formula 1, with Chase Carey installed as the new chief executive officer, and Bernie Ecclestone made chairman emeritus.
Liberty bought a share in the sport last September, in anticipation of taking over Formula 1, and last week received the required approval from the FIA.
On Monday evening, the American corporation announced that its acquisition has been completed, and that the Liberty Media Group will shortly be renamed the Formula One Group.
“We are delighted to have completed the acquisition of F1 and that Chase will lead this business as CEO,” said Liberty President Greg Maffei, who will also become the deputy chair of the board of F1.
“There is an enormous opportunity to grow the sport, and we have every confidence that Chase, with his abilities and experience, is the right person to achieve this.”
Ecclestone announced earlier on Monday that he had been replaced as the sport’s chief, bringing his lengthy spell in charge to an end, and Liberty has now formally confirmed the move.
Ecclestone has been appointed to the role of chairman emeritus and ‘will be available as a source of advice for the board of F1’, according to Liberty.
"I'm proud of the business that I built over the last 40 years and all that I have achieved with Formula 1, and would like to thank all of the promoters, teams, sponsors and television companies that I have worked with,” said Ecclestone.
“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.”
Carey’s role as CEO is in addition to his existing position as Formula 1’s chairman.
"I am excited to be taking on the additional role of CEO,” he said.
“F1 has huge potential with multiple untapped opportunities. I have enjoyed hearing from the fans, teams, FIA, promoters and sponsors on their ideas and hopes for the sport.
“We will work with all of these partners to enhance the racing experience and add new dimensions to the sport and we look forward to sharing these plans overtime."
Carey also paid tribute to Ecclestone's contribution to Formula 1.
"I would like to recognise and thank Bernie for his leadership over the decades," he 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."
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