Chase Carey has replaced Bernie Ecclestone as Formula 1 CEO following the completion of Liberty Media’s takeover of the sport.

Liberty Media has confirmed Carey will take over from Ecclestone who will now hold a Chairman Emeritus role which will see the 86-year-old Brit offer advice to the new controllers of F1.

The move sees Ecclestone’s 40-year stint as the head of F1 come to an end.

“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 (Carey) will execute his role in a way that will benefit the sport.”

Liberty Media president Greg Maffei is confident Carey, a former executive vice-president of 21st Century Fox, will help grow F1.

He also was quick to acknowledge the outgoing Ecclestone for his work to build the sport over the last four decades.

“We are delighted to have completed the acquisition of F1 and that Chase will lead this business as CEO,” said Maffei.

“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.

“I’d like to thank Bernie Ecclestone, who becomes Chairman Emeritus, for his tremendous success in building this remarkable global sport.”

Carey says he is looking forward to guiding F1 into a new era while working alongside Ecclestone in his new role.

“I am excited to be taking on the additional role of CEO. F1 has huge potential with multiple untapped opportunities,” said Carey.

“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.

“I would like to recognise and thank Bernie for his leadership over the decades.

“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.”

New McLaren CEO Zak Brown has also been quick to pay tribute to Ecclestone for building F1 into the sport it is today.

“Today we should all pay tribute to a remarkable entrepreneur. He will be a very hard act to follow,” said Brown.

Meanwhile, former team owner Ross Brawn will return to the F1 paddock having been named as the managing director of motorsports.

He will be joined by former ESPN Executive Vice President of Sales and Marketing Sean Bratches, who will become F1’s new commercial manager.

“It’s fantastic to be returning to the world of Formula 1,” said Brawn.

“I’ve enjoyed consulting with Liberty Media these last few months and I’m looking forward to working with Chase, Sean and the rest of the Formula 1 Team to help the evolution of the sport.

“We have an almost unprecedented opportunity to work together with the teams and promoters for a better F1 for them and, most importantly, for the fans.”