The 40-year tenure of Bernie Ecclestone at the top of Formula One has been brought to a swift end by the sport's new owner, Liberty Media, which has completed its US$8 billion (UK£6.4 billion) takeover.

86-year-old Ecclestone has been replaced by Chase Carey, who had already been appointed as chairman of Formula One Group and will now also serve as its chief executive.

The move, announced just days after Liberty finalised its acquisition, signals the intent of the new ownership to make radical changes to the way the sport is run. Previous rumours had suggested that Ecclestone would be kept on for two or three years to allow for a transitional period. He has instead been given the title of chairman emeritus, but will play no part in the decision-making process or day-to-day running of the group.

Ecclestone's role, which saw him operate both the commercial and sporting arms of the business, has been devolved by Liberty, with two industry veterans stepping in. Sean Bratches has been named as managing director of commericial operations, while Ross Brawn becomes managing director of motor sports.

In a statement given shortly after the announcement, Ecclestone declared himself "proud of the business that I built over the last 40 years and all that I have achieved with Formula One."