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Bernie Ecclestone's reign as Formula One supremo is over after Liberty Media announced its takeover of and his replacement as chief executive in Chase Carey.

Ecclestone will not move into an ambassadorial role of chairman emeritus after 40 years in charge of the sport.

Last week, in the week of the sport's governing body approving the sale of its commercial rights to Liberty Media, Ecclestone cast doubt over his role as chief executive.

And although there has been no word from Liberty about the 86-year-old so far, the man himself has said his time is up.

In quotes carried by German publication Auto, Motor and Sport, Ecclestone said: "I was deposed today. This is official, I do not run the company any more."

A statement from Ecclestone on Formula1.com said: Im proud of the business that I built over the last 40 years and all that I have achieved with Formula 1, and would like to thank all of the promoters, teams, sponsors and television companies that I have worked with.

"Im very pleased that the business has been acquired by Liberty and that it intends to invest in the future of F1. I am sure that Chase will execute his role in a way that will benefit the sport.

Reigning world champion Nico Rosberg has congratulated the veteran F1 chief for his job and wished his replacement, American Carey, all the best.

"Bernie, mega job! But a change has been overdue. Mr. Carey, all the best in making our sport awesome again," tweeted the newly-retired German.

Ecclestone, who turns 87 in October, has ruled Formula One for 40 years and been involved in elite motorsport for many more.

President and CEO of Liberty Media Corporation Greg Maffei thanked Ecclestone "for his tremendous success in building this remarkable global sport.

American Chase Carey, the 21st Century Fox vice chairman, was installed as the new Formula One chairman when Liberty agreed to take control from private equity firm CVC Capital Partners last September.

In a statement today, he said: "F1 has huge potential with multiple untapped opportunities. I have enjoyed hearing from the fans, teams, FIA, promoters and sponsors on their ideas and hopes for the sport.

"We will work with all of these partners to enhance the racing experience and add new dimensions to the sport and we look forward to sharing these plans overtime.

I would like to recognise and thank Bernie for his leadership over the decades. The sport is what it is today because of him and the talented team of executives he has led, and he will always be part of the F1 family.

"Bernies role as Chairman Emeritus befits his tremendous contribution to the sport and I am grateful for his continued insight and guidance as we build F1 for long-term success and the enjoyment of all those involved.

When Liberty bought an 18.7 per cent stake from CVC in September, Ecclestone said the prospective new owners wanted him to stay on as chief executive for three years.

"That is what they asked for," Ecclestone added. "In fact we are going to try to put together people that can look after all the things I have been trying to find people to do, which is the sponsorship and things like that.

"As I said, let's see how we are going to operate."

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Bernie Ecclestone's Formula One reign over after 40 years as Liberty Media confirm 6billion takeover - Mirror.co.uk