End of an era: 86-year-old Bernie Ecclestone replaced as Formula One chief by Chase Carey

London: Bernie Ecclestone`s 40-year reign as Formula One`s commercial supremo finally came to an end on Monday with the sport`s new owners Liberty Media replacing the 86-year-old Briton with American Chase Carey.

In a statement, Liberty informed that Carey had been appointed Chief Executive in addition to his current role as Formula One chairman.

Ecclestone was appointed `Chairman Emeritus` with Liberty saying he would remain "available as a source of advice for the board of F1".

"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."

Liberty Media president and CEO Greg Maffei said Carey, 62, would lead the business from now on and thanked Ecclestone for his "tremendous success" in transforming Formula One into a $1 billion business.

"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.

The takeover, valued at $8 billion including debt, has been broadly welcomed in a sport featuring famous car brands such as Ferrari, McLaren and world champions Mercedes and which has the Monaco Grand Prix as its jewel in the crown.

(With Agency inputs)