Bernie Ecclestone’s reign as the chief executive of Formula One has ended on Monday after Liberty Media completed its eight billion dollar takeover of motorsport’s most prestigious brand.

Ecclestone was in charge of F1 for nearly 40 years. He was central in turning the organisation from a minor sporting event into one of the biggest television draws in the world.

Chase Carey, the vice-chairman of Fox Media has been appointed as the new chief executive.

He said he was looking forward to running a sport which had “huge potential with multiple untapped opportunities.”

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