Liberty Media completes $8bn F1 takeover, Ecclestone stepping aside

Bernie Ecclestone is stepping down as the head of motorsport franchise Formula One after Liberty Media purchased the group for $8bn.

The motorsport chief had been in charge of the sport for the last 40 years, but his departure is a signal of intent from the US company that it plans to radically alter the set up of the sport.

The takeover on Monday came five days after the sport's governing body approved of F1 being sold to Liberty, which invests heavily in entertainment and sports.

Liberty announced that American Chase Carey would take over Eccletone's role as cheif executive, combining it with his previous role of chairman.

"I'm proud of the business that I built over the last 40 years and all that I have achieved with Formula One," Ecclestone said in the statement. "I am sure that Chase will execute his role in a way that will benefit the sport."

President and CEO of Liberty Greg Maffei said that F1 represented a "tremendous opportunity" for the company.

"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," he said.