Bernie Ecclestone's reign as the boss of Formula One is over, having been replaced by the new owners of the sport.
Liberty Media announced late last night it had completed its $8bn (£6.4bn) takeover of Formula One and handed the 86-year-old the apparently symbolic role of "chairman emeritus".
Earlier yesterday evening, German magazine Auto Motor und Sport quoted Ecclestone, who has run F1 for nearly four decades, as saying: "My new position is now such an American expression. A kind of honorary president. I'll get this title without knowing what it means."
"I was dismissed today... This is official. I do not run the company anymore. My position has been taken over by Chase Carey," he told German magazine Auto Motor und Sport.
My new position is now such an American expression. A kind of honorary president. I'll get this title without knowing what it means.
Last September Liberty Media fired the starting gun on its takeover by purchasing a slice of equity in Formula One, and set about clearing a raft of hurdles that would pave the way for the media and sports giant to take complete control of the sport – with media mogul Chase Carey inserted as chairman of company.
Carey's presence on the board led to speculation that it was only a matter of time before Ecclestone would relinquish control of day-to-day operations of the business he has been a part of for 40 years.
This evening, Carey said Ecclestone would "always be part of the F1 family".
Read more: Ecclestone performs U-turn over F1 criticism
Meanwhile, in his official statement Ecclestone said he was "very pleased that the business has been acquired by Liberty".
Greg Maffei, the president and chief exec of Liberty Media said: “We are delighted to have completed the acquisition of Formula One and that Chase will lead this business as chief exec."
The completion of the takeover also paved the way for two new company appointments. Former Mercedes boss Ross Brawn would take on the role of managing director, motor sports, while ESPN veteran Sean Bratches becomes the managing director of commercial operations.