Bernie Ecclestone Officially Out as F1 Boss

UPDATE: Liberty Media has confirmed that Bernie Ecclestone, the long-standing Formula 1 chief, has indeed been ousted from his role, although he will stay on in an advisory capacity as “Chairman Emeritus.”

The new Formula 1 CEO, Chase Carey, said this of Ecclestone’s retirement, “As we looked at the business, we felt that really particularly over the past four or five years, the business had not grown, the sport had not grown, to its full potential. And that we need to put a new organization in place to be able to grow the sport in today’s world in the way it needs to grow.”

Carey believes that with this regime change — him as CEO, and Ross Brawn and Sean Hatches as his lieutenants — Formula 1 can start reclaiming the popularity it’s lost to endurance racing in recent years. “I’m excited about the future,” says Carey, “There’s a lot that we want to do, and we’re looking forward to getting on with it.”

Original story continues below:

It’s being reported that Bernie Ecclestone, the man behind Formula 1 for the past four decades, will be replaced by Liberty Media’s Chase Carey. Speaking to Auto Motor und Sport, Ecclestone stated, “I was deposed today. I am simply gone. It’s official. I am no longer the leader of the company. My position was taken by Chase Carey.”

The replacement of Ecclestone has been rumored since the end of last season. Viewership of Formula 1 has suffered in recent years and issues with the spectacle itself have been brought up by fans, who frequently cast blame on the 86-year old.

Ecclestone will reportedly retain some creative control as he has stated he’s been offered the position of “Honorary President,” although it wasn’t clear whether he took the position or what it entails. In addition to the appointment of Chase, Liberty Media appointed former Ferrari technical manager and Mercedes team boss Ross Brawn and ESPN’s Sean Bratches to “newly created sporting and commercial roles” according to Motorsport.

While Ecclestone gave this interview, Liberty Media, the owners of Formula 1, and the FIA, motorsport’s governing body, have yet to release an official confirmation of Ecclestone’s departure. It’s likely that an official statement will be released soon, however, as the 2017 Formula 1 season is fast approaching.

Speaking about his new position, Ecclestone said, “[It’s] a kind of honorary president. I’ll get this title without knowing what it means.”

What we don’t know, and won’t until Chase and company begin their reign, is how Formula 1 will be affected by this upheaval. Ecclestone ruled Formula 1 with an iron fist, dictating orders, dispatching reporters, and generally acting as the sport’s dictator-in-chief. Many believe that’s how the sport should be run. But with dwindling viewership, this may be exactly what Formula 1 needs to return to its glory days.

Formula 1’s season begins Friday, March 24 in Melbourne, Australia.