Bought over by Liberty Media for a whopping $8.4 billion, Chase Carey, vice chairman of 21st Century Fox media, will head F1.

86-year old Bernie Ecclestone has been ousted as F1 boss after the recent takeover of the sport by Liberty Media.

Ecclestone was chief executive for 39 years, and is said to have been forced to step down just four months after F1 was acquired for $8.4 billion.

He will now act as an adviser to the board, with Chase Carey taking Ecclestone’s position as boss. Carey is vice chairman of the 21st Century Fox media conglomerate.

What remains unknown is whether Ecclestone, an ex-Grand Prix racer himself, has sold his five percent share in F1. He’s estimated to be worth nearly £2.5bn.

There’s word that Liberty Media plans on making dramatic changes to the sport to expand its reach and appeal. Its plans include expansion into more media formats, selling shares to F1 teams, and restructuring race weekends to attract new viewers.

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