It has been reported by Auto Motor und Sport that Formula One Ringmaster Bernie Ecclestone has been replace today by new Liberty Media Chairman Chase Carey, bringing to an end a 42 year reign of control over the Formula One franchise. "I was deposed today,” Ecclestone told Auto Motor und Sport. “I am simply gone. It's official. I am no longer the leader of the company. My position has been taken by Chase Carey. “My new position is one of those American terms. It's something like an honorary president. I have this title now, even though I don't know what it means.” My days in the office will be getting quieter now. Maybe I will attend a Grand Prix sometime in the future... I still have many friends in Formula 1, and I still have enough money to afford to attend a race.” Ecclestone also mentioned that he expects he will have to give up his seat at the FIA World Motor Sport Council following the reshuffle at the very top of the Formula One food chain, confirming that "First of all, I have to talk to Jean Todt about this.” Despite the obvious experience Ecclestone, 86, brings to the table, the Englishman "doubts" he will remain involved going forward. With the final details of Liberty Media's takeover a mere formality at this stage, the move to bring in Chase Carey as a key figurehead within the Formula One Group will spell the end of an era once dominated by former used car salesman Bernard Charles Ecclestone. Exactly what Ecclestone will go on to do remains to be seen, as the newly offered title of "Life President" covers a broad and as yet undefined scope of activity. Although still going strong at the ripe old age of 86, it will be interesting to see where Ecclestone will fit in the new structure being defined by Liberty Media. The deal for Liberty Media to take control of Formula One recently received approval from the sports governing body the FIA, following an extraordinary meeting of its World Motor Sport Council (WMSC) in Switzerland on Wednesday 18th January. "During the meeting, the representatives of the prospective new owner made a detailed presentation of their strategy. The members of the World Motor Sport Council then had the opportunity to ask questions about the specifics of the agreement, the ongoing working relationship with the FIA and Liberty’s plans for the sport. Liberty, Formula One Group and the FIA intend to collaborate to create a constructive relationship that will ensure the continued success and the development of the FIA Formula One World Championship in the long term. The World Motor Sport Council’s decision confirms the FIA’s belief that Liberty, as a renowned media organisation with expertise in both sport and entertainment, is clearly well positioned to ensure the continued development of its pinnacle Championship" said a Liberty Media statement. Will anything change following the removal of Ecclestone? Only time will tell... For more Formula One news and discussions head over to the RaceDepartment Formula One sub forum and join in with your fellow community members. Do you think the removal of Ecclestone from his role of Formula One CEO will be a positive move for the sport? Will Chase Carey be able to fill the diminutive Ecclestone's shoes? Let us know in the comments section below!